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Bank of Spain denies need for recapitalisation

Fri 23rd Sep 2011

El Pais have reported how the Bank of Spain have reassured investors that Spanish banks do not need to increase the levels of capital as outlined in the Financial System Reform Plan that was approved in February and is being realised on schedule.

The statement was made following yesterday's report by the Financial Times that 16 European financial institutions need to recapitalise. Among them were seven Spanish banks: Banco Popular, Bankinter, Caixa Galicia, BFA-Bankia, Banca Cívica, Caixa Ontinyent and Banco Sabadell.

In this morning's Expansion Banco Sabadell, Banco Popular, and Bankinter denied that they needed any further injections of capital to meet the EU required standard.