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Spanish bank rescue soaks up €41b

Spanish bank rescue soaks up €41b

Spain is unlikely to need more money from Brussels to fix its financial industry after receiving €41.4 billion ($52 billion) to shore up banks hammered by a 2008 property crash, the European Commission says. Spain secured a loan of up to €100 billion from its eurozone partners last year to help rescue banks. brought to their knees by a mountain of bad debt. Under the program, Spain has received two payments to recapitalise lenders and fund a "bad bank", known as Sareb, to absorb the soured property assets of bailed-out lenders.

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Britain suffered a bruising defeat at the hands of European Union finance ministers in a vote to impose tough restrictions on bankers’ bonuses.

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