Spanish lender No 8 in state takeover as government starts own Bad Bank

Spain's government is taking over another bank as its clean-up of the troubled financial sector gathers pace and healthier banks cough up funds to purge the system of toxic real estate assets.

The news came as the government said yesterday that it had secured the private investment it needed to launch its so-called "Bad Bank" - created to house rotten real estate loans and properties from Spain's most ailing lenders, including the four nationalised banks that need 37 billion euros (HK$373 billion) in European aid.

via Business feed http://www.scmp.com/business/economy/article/1104925/spanish-lender-no-8-state-takeover-government-starts-own-bad-bank