EU ends funding for Spanish banks, praises austerity

The European Stability Mechanism (ESM) financial assistance programme for Spain expired on the 31 December 2012 with a successful exit. Since the programme started in December 2012, the ESM had disbursed a total of €41.3bn to the Spanish government for the recapitalisation of the country’s banking sector. Spain will not request any follow-up assistance from the ESM.

Spain was set to officially exit its bailout in January 2014, after Ireland quit its programme in December 2013.

Unlike Cyprus, Greece, Ireland and Portugal, the Spanish rescue was limited to its banking sector instead of a full-blown state bailout.

• Primary Source

ESO: Background information: Statement by the EC and the ECB following the conclusion of the fifth review of the financial assistance programme for Spain http://www.europeansources.info/record/memo-statement-by-the-ec-and-the-ecb-following-the-conclusion-of-the-fifth-review-of-the-financial-assistance-programme-for-spain/

ESO: Background information: IMF highlights solvency of Spanish banks after restructuring http://www.europeansources.info/record/imf-highlights-solvency-of-spanish-banks-after-restructuring/

ESO: Background information: Remarks by President of the European Council Herman Van Rompuy after his meeting with Prime Minister of Spain Mariano Rajoy http://www.europeansources.info/record/press-release-remarks-by-president-of-the-european-council-herman-van-rompuy-after-his-meeting-with-prime-minister-of-spain-mariano-rajoy/

European Stability Mechanism: Financial assistance: Spain's exit http://www.esm.europa.eu/assistance/spain/index.htm

ESM: Press Release, 31.12.13: Spain successfully exits ESM financial assistance programme http://www.esm.europa.eu/press/releases/spain-successfully-exits-esm-financial-assistance-programme.htm

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