Santander is going to suspend payments for up to two years

According to Reuters the largest bank of Spain Santander has announced today that its Banif property fund has asked stock market regulator CNMV to allow it to suspend payments for up to two years due to the lack of money to pay redemptions. Clients holding 80 percent of the fund, or 2.62 billion euros ($3.34 billion), had asked to redeem their investments by February 13.

"The fund currently lacks liquidity necessary to meet the full payment of the said amount," commented Santander's property division. 

Source: Reuters