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Spain’s Banks May Need 59.3 Billion Euro In Extra Capital

Spain’s banks would need 59.3 billion euros (47.2 billion pounds) in extra capital to ride out a serious economic downturn, an independent audit of the country’s 14 main banks by consultancy Oliver Wyman showed on Friday.

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The results of the audit will help the Spanish government determine how much money it will tap from an up to 100 billion euro credit line already agreed with the European Union to recapitalise its ailing lenders.

Source: Reuters

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