MADRID: Spain has recovered only five percent of €51.3 billion ($57.2 billion) of state aid given to the country’s banking sector since 2009 to prevent its collapse, the Bank of Spain said on Monday. A total of €53.55 billion were provided to Spain’s banking sector via a restructuring fund in the aftermath of the financial crisis, including €2.25 billion of contributions from the private sector.
Of the remaining 51.3 billion, only €2.67 billion have been recovered, the Spanish central bank said. Spanish banks were battered when the country’s housing bubble burst in 2008, spurring the state to nationalize some of them, with the European Union also providing aid.
