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Spain’s Banks May Offer State-Backed Loans to Towns, Pais Says

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March 1 (Bloomberg) -- Spanish banks may be able to provide government-backed loans to towns and regions at a floating rate interest currently equivalent to five percent, El Pais reported, without saying where it got the information.

The lenders may implement the financing through a syndicated loan to the government-controlled lender Instituto de Credito Official, or through bilateral loans, the Madrid-based newspaper said. Banks may price the transactions at about 350 basis points above the euro interbank offered rate, or Euribor, El Pais said.

The country’s banking industry is negotiating with the government the final terms of the facilities, El Pais said.

To contact the reporter on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net