European authorities are pressing Spain to inflict billions of euros of losses on hundreds of thousands of small savers who hold certain types of bank debt before recapitalising its financial institutions with eurozone rescue funds.
The bailout conditions for Spain’s banks would force any lender taking aid fully to write off its preferred shares and subordinated bonds, according to a draft memorandum of understanding seen by the Financial Times.
“Banks and their shareholders will take losses before state aid measures are granted and ensure loss absorption of equity and hybrid capital instruments to the full extent possible,” the document says.
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