An independent stress test of Spain's banking sector will likely reveal capital needs of €50bn to €60bn, the country's second biggest lender and the government said yesterday.
Spain became the latest focus point earlier this year of the eurozone debt crisis after it became clear its banks would need financial support to clean up their balance sheets of around €185bn of toxic real- estate assets.
The Bank of Spain has started to communicate to the banks the results of the stress tests and the fact that all of them would be informed by Monday.
This latest figure, which is in line with preliminary estimates released in June, will now be used to determine how much of the €100bn eurozone credit line available to Spain is needed.
The results of the tests will be published on September 28.
"We'll know in the next few days, in a week. We'll get a figure of around €70bn, €75bn or €80bn," BBVA's Chairman Francisco Gonzalez said.
Mr Gonzalez explained the €80bn figure included around €20bn already allocated to troubled banks, meaning the final figure would be between €50bn and €60bn.