Spain approves reform package aimed at strengthening troubled savings banks sector.
The Spanish government has approved a reform of the savings banks sector which had come under severe pressure during the debt crisis.
Under the decree approved Friday, savings banks will be able to cede as much as 50 percent control to private investors and regional governments will no longer be able to appoint elected officials to the banks' controlling boards.
Deputy Prime Minister Maria Teresa Fernandez de La Vega says the reform will "strengthen our already healthy banking system."
Speaking Thursday, Prime Minister Jose Luis Rodriguez Zapatero said, "This is the most important reform ever of our banking system."
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