Mon Nov 5, 2012 4:41am EST
MADRID Nov 5 (Reuters) - European Union rescue funds cannot be used to compensate shareholders in Spain who lost money on investments in banks' preference shares, the EU's competition chief Joaquin Almunia said on Monday.
"If it is necessary to compensate (shareholders) it can only be done with money from Spain," Almunia told reporters at a breakfast in Madrid.
Spanish banks are negotiating a rescue package with Europe, the terms of which will include inflicting a loss on people who in many cases handed over their life savings to buy preference shares.
Thousands of Spaniards say they were conned by banks into exchanging their savings for preference shares: high-risk, complex financial instruments seized on by lenders in the financial crisis as a means of bringing in extra capital.
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UPDATE 1-EU funds are not for Spain bank shareholders - Almunia
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