Institutions withdrew Popular deposits after downgrade - econ min


SANTANDER, Spain, June 20 (Reuters) - Some institutional
depositors withdrew their money from Spain'sBanco Popular after
downgrades of the bank's credit rating, Economy Minister Luis de
Guindos said on Tuesday.
    "The policy of institutions on where to deposit cash depends
on the credit rating of the bank and that means that some
institutional depositors withdrew their cash as a consequence of
rating downgrades," he said.
    Banco Santander <SAN.MC> agreed to buy Banco Popular for the
symbolic price of one euro earlier this month after EU
authorities stepped in and declared the lender "failing or
likely to fail". [nL8N1J40WQ]

 (Reporting By Jesus Aguado; Writing by Sonya Dowsett; Editing
by Paul Day)
 ((; + 34 91 585 8328; Reuters


This article appears in: Stocks , World Markets , Economy , Banking and Loans
Referenced Symbols: SAN

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