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European banks have already received 420 billion Euros, reveals EC

Friday, September 23rd 2011 - 23:12 UTC
Full article 2 comments
Spokesman Olivier Bailly: the recapitalization has been going on since 2008 Spokesman Olivier Bailly: the recapitalization has been going on since 2008

“The recapitalization of European banks is something that is ongoing, it is something that is already happening,” Commission spokesman Olivier Bailly told a regular briefing.

”It has been going on since 2008, it is worthwhile recalling that. The amount for recapitalization of European banks is 420 billion (Euros),“ he said.

Eight banks failed this summer's pan-EU banking stress tests and another 16 were considered as fragile. Investors are concerned about European banks' ability to handle a possible Greek default and the likely wider contagion.

Bailly said it was for each bank to come forward with a plan if it needed to increase its capital, and for member states to assess those and decide whether markets or governments needed to help in recapitalizing.

”There is no big European plan to recapitalize banks in Europe,” he told the briefing.


Categories: Economy, International.

Top Comments

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  • GeoffWard2

    So, the European banks have - so far - received, ad hoc, over 1,000 GB pounds for *every man, woman and child in the EU*.

    Because many European citizens are non-productive (OAPs, school/pre-school, unemployed, etc) and/or non-taxpayers:

    that's over 3,000 gbp for the average EU family,

    massively and disproportionately more for higher earning families,

    and even more massively and disproportionately more for German, French and British higher earning families.

    But not necessarily more for the bankers and the highest earning families - whe employ 'accountants' to ensure they do not do so.

    Sep 24th, 2011 - 06:45 pm 0
  • Fido Dido

    hey dickhead (GeoffTard2)

    Where is the outrage huh? where are the blowhards that always scream so hard how great they are and know things so much better? Where are those so called Free -traders, huh? Remember, in capitalism if you loose, you fail. But oh no, banks are being bailed, because they are to big to fail.

    Sep 25th, 2011 - 04:36 pm 0
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