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Bank of Spain says banks may need more capital

Source: Reuters - Tue 10th Apr 2012
Bank of Spain says banks may need more capital

Spanish banks could need more capital if the economy continues to deteriorate, Bank of Spain Governor Miguel Angel Fernandez Ordonez said on Tuesday at a conference in Madrid.

A strong recovery of Spain's economy is unlikely in the short-term, Ordonez said.

Spanish banks, already hurting from a property crash, are facing a new wave of loan defaults as the economy sinks into its second recession in three years.

Many analysts think it is inevitable the government will have to find more money or ask Europe for help in filling the funding gap.

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