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Spain cbank: four savings banks need 1.835 bln euros

Source: Reuters - Sat 24th Jul 2010

Four of Spain's 19 unlisted savings banks failed stress tests and will need 1.835 billion euros ($2.36 billion) in capital additional to that already pledged to withstand a worse case scenario, the Bank of Spain said on Friday.

Analysts had estimated much higher capitalization needs for Spain's banks, giving numbers of 20 billion euros to 50 billion euros.

In a statement, the central bank said total capital requirements for the savings banks would be 16.193 billion euros, of which the Bank of Spain's restructuring fund has already contributed 10.583 billion and the Bank Deposit Guarantee Fund 3.775 billion.

The 1.835 billion figure did not include 208 million euros in capital needed for a fifth failed savings bank, Cajasur, because it has already been taken over by the government.

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