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News Breaks | | | | May 13, 2012 | | 16:40 EDT |  | STD | Santander to provision EUR2.7B more to meet government decree on property
Santander will set aside EUR 2.7B to comply with decree-law 18/2012 on provisioning of real estate assets... Banco Santander announces that the amount required for Grupo Santander in Spain (including Banesto) to comply with royal decree-law 18/2012 of May 11 will be EUR 2.7B before taxes, according to the bank’s initial assessments. These charges are in addition to the provisions already required by the decree-law 2/2012 of February, of which EUR 2.3B of provisions before taxes are still pending, as stated in a filing sent to the CNMV on February 7. The provisions still pending, plus those required by the latest decree-law, amount to a total of EUR 5B in provisions before tax. These will be fully covered in 2012 and charged against capital gains and profits this year. Reference Link | |
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