Spain creates 'bad bank' for toxic property assets
The Spanish government is creating a "bad bank" into which all the toxic property assets of its debt-laden banking sector can be off-loaded.
The move is aimed at helping the country's troubled banks draw a line under the debt crisis and move on.
The Bank of Spain will assess the value of the assets being transferred into the "banco malo" and the banks will receive cash, debt or shares in return, said economy minister Luis de Guindos.
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