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Earlier today the Spanish government approved a law to increase the capital reserve requirements for banks.
It gave unlisted regional banks, known as 'cajas', until September of this year by which they need to clarify their plans to bring private capital on board, but extended the deadline to list on the stock exchange to March 2012. Previously the government had stated that the deadline would be September 2011.
The law, approved by the cabinet on Friday, sets a minimum core capital requirement for listed banks at 8% with a 10% requirement for banks with no private investment.
At a press conference given after the cabinet meeting Spain's Economy Minister, Elena Salgado, repeated that the country's financial institutions were solvent.
