The bank bailout cost 60.718 million euros to the Spanish public sector – Sputnik World

“According to estimates made by the Court of Accounts, the accumulated cost of public resources used in the process of bank restructuring was, to December 31, 2015, in 60.718 million euros”, reported the organ.

The data published by the Court of Auditors show that the processes of sanitation more costly were the CatalunyaBanc (12.676 million), BFA/Bankia (12.347), the Caja de Ahorros del Mediterráneo (11.065) and Novacaixagalicia (9.159).

The report, entitled “Report on audit of the process of bank restructuring, fiscal years 2009 to 2015″, states that the above-mentioned amount of 60.718 was the total cost of the bailout to the public sector, but points out that the process forced them to be committed resources for a value of 122.122 million euros.

The concept of “resources committed to the restructuring”, as explained by the Court of Accounts, sets out the monetary amount for all measures of willingness or commitment of public resources adopted by the entities controlled.

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however, the amount of 122.122 million euros does not imply the total cost of the process because it included “amounts subsequently recovered” or did not “materialize in the outputs of public resources”.

“in Addition, it should be borne in mind that the entities controlled have earned income from certain operations carried out in the framework of the restructuring processes (such as interests and commissions), which must be computed for the purposes of estimating the cost”, explained the entity.

According to the report of the Court of Accounts, the General Administration of the State also granted guarantees to credit institutions related with the restructuring processes for the amount of 85.965 million euros.

however, the agency explained that the amount pending collection of the single issue of guarantees, not amortized until the date amounted to 1.059 million euros.

The report stresses that the estimates on the cost of the rescue are not definitive because the final calculation can vary depending on how you produce the sale of entities nationalised as Bankia or NLM, in which the State still owns more than 60 per cent of the shares.