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The Canadian Press - ONLINE EDITION
Spain's Santander covering real estate assets with additional €2.3B to meet new provisions
MADRID - Spain's Banco Santander will set aside an additional €2.3 billion ($3 billion) in provisions to meet a new government demand for all banks to boost their buffers against troubled real estate assets.
Europe's biggest bank by market capitalization says the amount will be partially covered through anticipated capital gains, including €900 million from the sale of Banco Santander Colombia.
Banco Santander SA said in a statement Tuesday that the new amount comes on top of €1.8 billion charged against the bank's 2011 financial results.
Spain last week ordered banks to raise €50 billion to protect themselves against troubled real estate assets accumlated during an extended construction boom that went bust.
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