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Top Spanish Banks Put Aside $5.8B for Loans

MADRID-BBVA and Santander are complying with a new government request, as the country, in another recession, hopes to see slight growth by 2013.

By Robert Carr | Updated on May 14, 2012

MADRID-The two top banks in Spain said over the weekend that they will set aside another $5.8 billion to protect against real estate-linked loan failures. The move comes after the government said on Friday that all banks in the country need to set aside another $38.5 billion to cover potential bad real estate loans.

In February, the government had already required banks to set aside about $70 billion for real estate losses. Banco Santander had already set aside $3 billion after the February request, and now has provisioned another $3.5 billion, the firm said Sunday. Also, Banco Bilbao Vizcaya Argentaria said Sunday it is setting aside $2.8 billion.

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