ECB Bailout
December 22, 2011 - Spanish bank BBVA took around 11 billion euros ($14.4 billion) in the European Central Bank's offer of cheap long-term cash, in order to cover 2012 debt maturities. Spain's second-biggest bank will not buy sovereign debt with the proceeds, the source said, due to the European banking regulator forcing banks to mark down their sovereign holdings. "BBVA has used the auction to cover its 2012 debt maturities, and not for carry-trade operations."
February 24, 2012 - Banco Bilbao Vizcaya Argentaria SA (BBVA), CaixaBank SA (CABK.MC) and Banca Civica SA (BCIV.MC) were among a slew of Spanish banks that participated in the European Central Bank's long-term refinancing operations, the lenders said Wednesday. BBVA, Spain's second-largest bank by market value, took a "similar amount" to the EUR11 billion it had borrowed in the first 3-year LTRO tender, a spokesman said. Much smaller Banca Civica took EUR6.1 billion, more than the EUR3.7 billion it had borrowed in the first tender in December, Chief Financial Officer Roberto Rey told a conference call.
Read more about this topic: Banco Bilbao Vizcaya Argentaria