In Spain The Toilets Flush Backwards

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  1. erudne

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    MADRID, March 27 (Reuters) - Small lender Banco CEISS, one of Spain's banks that could end up in state hands, posted a 2.5-billion-euro ($3.21 billion) 2012 loss on Wednesday because of writedowns on soured property loans and assets.
    CEISS, formed from the merger of two former savings banks based in the north of Spain, said it had booked 3 billion euros of provisions on its real estate exposure.
    Spain forced its banks into steep writedowns last year to try to clean up the sector after a property market meltdown dating back to 2008.
    Those without a strong enough capital base, such as CEISS, turned to the state for support, forcing Spain to take 41 billion euros in European aid for ailing lenders. The government now has full control of four banks.
    The future of CEISS, which has negative equity of 288 million euros according to bank restructuring fund FROB, is still unclear.Spanish bank CEISS falls to 3 bln euro loss in 2012

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