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Spain’s FROB Loans May Not Be Fully Recovered, El Mundo Says

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Oct. 15 (Bloomberg) -- Money lent to Spain’s banks via the country’s bank-rescue fund, known as FROB, may not be fully recovered, El Mundo reported, citing the transcript of a meeting between Bank of Spain Deputy Governor Fernando Restoy and lawmakers.

“In principle, one can’t expect that the total amount injected into these entities will be recovered in full,” Restoy was cited as saying.

FROB has put 11.1 billion euros ($14.3 billion) into Bankia Group, Catalunya Banc and NovaGalicia so far and plans to provide a further 40 billion euros for these and other banks, El Mundo added.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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