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Brussels, 31 August 2012
Statement by Vice-President Rehn on the adoption of Spain's banking decree
I welcome today's adoption by the Spanish government of a Royal Decree Law on the restructuring and resolution of credit institutions, including a comprehensive blueprint for the future Asset Management Company. This has been drafted in close cooperation with the European Commission and the other partners involved in the Spanish banking sector programme. The law constitutes a key element in the programme and its adoption today sends an important signal of Spain's determination to comply fully with the requirements and timeframe set out in the Memorandum of Understanding.
The law provides the necessary legal basis to effectively carry out a comprehensive restructuring of those Spanish financial institutions that are in need of external support, including the effective segregation of impaired assets from bank balances and their transfer into a separate Asset Management Company. A sustainable recovery in the Spanish economy requires a healthy, well regulated and effectively supervised banking sector, able to underpin balanced growth and job creation.