FXstreet.com (Córdoba) - Spanish Government announced Thursday it will need between €16 and 62 billion to recapitalize the nation's banks according to independent assessments made by Oliver Wyman and Roland Berger.
According to the reports, Spanish banks' fund needs reach between €16-25 billon in central scenario and between €51-62 billon in adverse scenario.
With the reports available, the Spanish government will proceed to the formal request for financial assistance. The EU announced on June 9 it approved as much as €100 billion in a loan to recapitalize Spanish banks.
These assessments represent the first step as these studies do not reveal how much would each bank, that's for future reports requested to four major audit firms operating in Spain, Ernst & Young, Deloitte, KPMG and PwC, which will end their work by July 31.
Spanish FinMin Luis de Guindos said earlier Thursday that he expects that the roadmap for banks' recapitalization should be clear by the end of July.
According to the reports, Spanish banks' fund needs reach between €16-25 billon in central scenario and between €51-62 billon in adverse scenario.
With the reports available, the Spanish government will proceed to the formal request for financial assistance. The EU announced on June 9 it approved as much as €100 billion in a loan to recapitalize Spanish banks.
These assessments represent the first step as these studies do not reveal how much would each bank, that's for future reports requested to four major audit firms operating in Spain, Ernst & Young, Deloitte, KPMG and PwC, which will end their work by July 31.
Spanish FinMin Luis de Guindos said earlier Thursday that he expects that the roadmap for banks' recapitalization should be clear by the end of July.
