June 19, 2013 / 10:10 AM / 5 years ago

Santander says does not need to make new bad debt provisions

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.

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

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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