Ouch…!
That’s for dodgy loans and property assets in Spain, but Europe’s biggest bank by market value didn’t have to ask for aid
The group said it made €12.7bn in provisions for non-performing loans in Spain and another €6.1bn for Spanish real estate exposure – €18.8bn in total. The provisions in 2012 left Santander with 73% of its bad loans in Spain covered, up from 61% previously. They also allowed the bank to meet new Spanish legislation requiring better coverage of real estate exposure.
More.. UK Telegraph
