Spain's bad bank held by private investors

Private investors will be majority stakeholders in the so-called bad bank that will take on toxic loans from Spanish banks, Finance Minister Luis De Guindos told parliament on Wednesday. The details on how banks are to be recapitalized are forthcoming over the next few days, and the European Commission is expected to green-light the process in November, the minister explained. The first 30 billion euros in EU bailout money are already available, and recently nationalized banks can help themselves as soon as they submit their restructuring plans, De Guindos said.