MADRID (AFP) - Spain's new 30-billion-euro bank rescue fund is aimed at acquiring top-rated mortgages in exchange for injecting essential liquidity into the credit market, a government spokesman said Wednesday.

The fund will "essentially" be used to take over mortgages, but only those with the best "AAA" ratings, a spokeswoman for the economy ministry said, confirming information in the newspaper El Pais.

Prime Minister Jose Luis Rodriguez Zapatero announced the temporary fund on Tuesday, saying it could be extended to 50 billion euros (68 billion dollars) if necessary.

But he said that unlike the bailout in the United States, the fund would not be used to buy "toxic" assets, such as the subprime loans that have burdened financial institutions.

The aim of the fund is similar to that of recent cash injections by the European Central Bank, the newspaper Expansion noted.

But, unlike the ECB loans, which are short term and for up to six months, those acquired by the Spanish fund will be from three to five years, giving the banks more reassurance, El Pais said.

It said in an editorial the banks "have been demanding this fund for several months in order to obtain liquidity in exchange for quality assets that are unsaleable because of the lack of confidence in the markets."

The plan was "well-received" by banking representatives who met Wednesday with Economy Minister Pedro Solbes the spokeswoman said.

But doubts have also been raised about the measure.

"The great unknown", said the newspaper El Mundo, is whether banks will use the cash to grant credit to businesses and families, or simply boost their profit margins.

"It is uncertain at this stage if the Spanish rescue fund could have any meaningful impact on the banking woes and the already ailing real economy," said Bank of America analyst Gilles Moec.

He noted that "if the fund cannot be used to take the toxic assets off the banks' balance sheet, then this would not necessarily reduce the doubts relative to the solvency of the Spanish banks."

Spain's conservative opposition leader, Mariano Rajoy, said the fund was a "good measure" but must be examined in detail, as it will lead to an increase in the public debt to GDP ratio.

Secretary of State for the Budget Carlos Ocana said the new fund will push up its ratio of public debt to gross domestic product by almost three points to 41.5 percent.

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