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Spain: Rajoy welcomes bank audit

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Spain: Rajoy welcomes bank audit


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Spain has welcomed independent audits saying its ailing banking sector does not need as much extra funding as many analysts had feared.

Two consultancies looked at how much extra capital Spanish banks would require to weather a serious downturn in the economy.

A maximum figure of 62 billion euros was quoted – well within the 100 billion agreed in a European aid package that Madrid must still formally apply for.

Speaking in Brazil, Spanish Prime Minister Mariano Rajoy called the assessments “a step in the right direction”, saying they were accurate, credible and manageable.

He said they guaranteed that financial assistance offered by Spain’s European partners would be more than enough to shore up its financial institutions.

Spain’s medium-term borrowing costs hit a euro-era record on Thursday. It comes amid growing speculation in the markets that a full programme of aid for the country is now all but inevitable.

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