June 19, 2013 / 10:10 AM / 6 years ago

Santander says does not need to make new bad debt provisions

A woman walks past the vandalized windows of a Banco Santander branch in Valencia, May 14, 2013. The words on the windows read, "Botin" (a reference to Emilio Botin, president of Banco Santander), "Son of a bitch" (L) and "thief" (C). REUTERS/Heino Kalis

SANTANDER, Spain (Reuters) - Spanish banking group Santander (SAN.MC) does not need additional provisions to meet new Bank of Spain rules on recognizing bad debt, Deputy Chairman Matias Rodriguez Inciarte said on Wednesday.

Economy Minister Luis de Guindos said on Tuesday that Spanish banks would face extra provisions against loan losses of up to 10 billion euros ($13.35 billion) over the next two years to meet new rules on loan refinancings.

Reporting By Andres Gonzalez; Editing by Elisabeth O'Leary

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