EC gives go-ahead for Spanish recapitalisation plans

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The European Commission (EC) has approved recovery plans submitted by the four Spanish banks with the weakest capital positions, currently majority owned by Spain's Fund for Orderly Bank Restructuring (Frob). Three of the banks will be recapitalised with injections of funds and one will be sold. In a judgement today (November 28), the EC said the plans were in line with European state-aid rules, which aim to prevent distortions to competition. The restructuring plans for BFA/Bankia, NCG Banco