Spanish banks will need almost €60bn in new capital, according to the results of an independently conducted stress test of the country’s 14 largest lenders that Madrid hopes will dispel investor doubts over the true extent of losses in the sector.
Seven out of the 14 Spanish banks under review failed according to the results of the three month so-called “bottom up” review, which involved the individual assessment of 115,000 loans making up 11 per cent of the value of the sector’s total credit assets.
The total banking system will need in an adverse scenario €59.3bn, excluding deferred tax assets and ongoing mergers, according to the report. The total shortfall drops to €53.7bn once these are included.
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