The IMF Managing Director welcomed the Eurogroup's commitment to provide up to €100 billion in financial assistance to Spain to strengthen its banking sector. The IMF had previously recommended providing a credible backstop to recapitalize weak banks in Spain. The Eurogroup's willingness to support Spain's bank restructuring fund provides assurance that the country's banking system will have its financing needs fully met. The IMF stands ready to support the implementation and monitoring of this financial assistance through regular reporting.

1. IMF Managing Director Welcomes Eurogroup Commitment to Financially Assist Spain in its Efforts to Strengthen its Banking Sector 10/06/12 19:59
■ Español
IMF Managing Director Welcomes Eurogroup
Commitment to Financially Assist Spain in
its Efforts to Strengthen its Banking Sector
Press Release No. 12/215
June 9, 2012
Christine Lagarde, Managing Director of the International
Monetary Fund (IMF), issued the statement below today,
following the announcement by the Eurogroup of its
willingness to financially support Spain in its efforts
to further strengthen the country’s banking sector:
“I strongly welcome the statement by the Eurogroup,
which complements the measures taken by the
Spanish authorities in recent weeks to strengthen the
banking system. Providing a credible back stop to
recapitalize weaker segments of the banking system has
been a key recommendation of the IMF's recent Financial
Sector Assessment Program (FSAP) conducted in Spain.
The willingness of Spain’s Euro Area partners to financially
support the Fund for Orderly Bank Restructuring (FROB)
with up to EUR 100 billion is a crucial step for the success
of the Spanish authorities’ strategy. This scale of proposed
financing, which is consistent with the capital needs
identified in the FSAP, gives assurance that the financing
needs of Spain's banking system will be fully met.
“The IMF stands ready, at the invitation of the Eurogroup
members, to support the implementation and monitoring of
this financial assistance through regular reporting."
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs Media Relations
E-mail: publicaffairs@imf.org Phone: 202-623-7100
Fax: 202-623-6278 Fax: 202-623-6772
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