Spain's banks detail new cost of property clean-up

Spanish banks unveiled fresh funds on Sunday to meet new government demands aimed at cleaning up the country's sickly property market and easing international markets' concerns about the troubled financial ...

MADRID (Reuters) - Spain's second-largest bank BBVA said on Monday it would set aside provisions worth around 1.8 billion euros ($2.3 billion) to meet new capital requirements demanded by a sector reform passed on Friday. Spain's government said last week lenders must set aside 30 billion euros, on top of 54 billion euros ordered in February, as provisions against toxic real estate assets. It is Spain's fourth attempt to reform a sector battered by the 2008 property crash. The additional capital would be reflected in full-year earnings figure and would have a net impact of around 1. ...

Spanish bank Santander, the biggest in the eurozone by market value, said its net profit plunged in 2012 as it wrote off nearly 19 billion euros ($26 billion) on bad loans and property assets in Spain. The charges slashed net profit last year by nearly 60 percent but left Santander's balance sheet looking more secure.

It's no shock that the Spanish housing market is horrible but hope has been, following the government's nationalization of various banks and creation of the 'bad bank' to soak up all the toxic crap those banks had on their books, that a recovery could blossom. It appears not - not at all. Not only are bad loans rising at record rates with house prices remaining down over 40% but now Reyal Urbis has filed for insolvency making it the nation's second largest bankruptcy as dozens of smaller firms have failed.

Spain's top five lenders will set aside an extra 15-billion euros (US$19.4-billion) in provisions to cover risky property deals, heaping pressure on their finances as the country battles to restore confidence in its banking industry

MADRID (Reuters) - Spain's Santander plans to invest in the country

MADRID (Reuters) - Spani