The Spanish central bank replaced managers of the troubled local regional bank, Caja Castilla La Mancha and took over its administration on Sunday. The government also provided a guarantee of up to EUR 9 billion or US$12 billion of the liabilities.
Caja Castilla La Mancha represents less than 1% of the assets of the Spanish banking system. The Bank of Spain said it wants to insist that the Spanish financial system remains strong, although can not be immune to the international financial crisis.
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