The FINANCIAL -- Spain's bank rescue will include a first disbursement of 30 billion euros ($40 billion) in July and a second payout of 45 billion euros by mid-November, a document for the EU rescue fund said.

According to the European Financial Stability Facility document dated July 9 and posted on the Dutch finance ministry website, "based on current estimates", there will be subsequent disbursements of 15 billion euros each.

These 15-billion-euro tranches are expected in December this year and June 2013, the EFSF said in the document.

The EFSF pointed out that the July disbursement of 30 billion euros would be "kept in reserve by the EFSF in order to allow rapid disbursements in case of urgent needs arising in the Spanish banking sector".

"The first disbursement includes an estimated longer-term safety cushion of about 10 billion euros," it added.

The second disbursement is expected to constitute around 60 percent of the total recapitalisation needs of Spain's banking sector, the document said.

As EUbusiness reported, Spain's European Union and eurozone partners have offered a credit line of up to 100 billion euros to stabilise its troubled banking sector.

Spanish banks receiving eurozone aid will have to open their doors to the European Commission, European Central Bank and European Banking Authority. The government will also have to impose caps on executives' bonuses.

Eurozone finance ministers are to meet on July 20 to finalise the deal for Spain.

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