FROB success augments improved perception of Spain
The Spanish success story continued this week with a well oversubscribed three year transaction from the Fund for Orderly Bank Restructuring (FROB), the state guaranteed agency established in June 2009 to recapitalise Spain’s banks.
The deal follows an announcement by the Spanish government that all Spanish financial institutions will be required to comply with a core capital ratio of 8% by the end of 2011.
If the institutions are unable to fund independently the government will authorise a capital injection by FROB,
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