Spain tightens rules on realty assets
The Bank of Spain tightened its rules on accounting for real-estate assets held by banks for more than a year, Europa Press reported, citing unidentified financial sources. Banks are now required to put aside 30 per cent of the value of the property compared with 20 per cent previously, the newswire reported yesterday. The central bank announced the new requirements to lenders by phone, Europa Press said.
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