STRESS TEST: Spanish Banks Will Need As Much As €62 Billion In Black Sky Scenario

Spain Protest Tires Fire

Blazquez Dominguez/Getty Images

Spanish miners burn tires to block a road during a miner’s demonstration in northern Spain.

Spanish banks would need as much as €62 billion, or $78 billion, in a black sky event, a new report out of Oliver Wyman.

 

The consulting firm’s report showed the country’s economy could contract by as much as 6.5 percent under worst case scenarios.

Deputy Governor of the Bank of Spain Fernando Restoy cited the report, saying banks requiring greater funding had already been seized by the government. 

The news follows an announcement earlier this week from the Bank of Spain, when the country’s central bank said it would delay an audit of major Spanish financials because of the coming holiday season, pushing the release into September.

Read more: http://www.businessinsider.com/stress-test-spanish-banks-will-need-as-much-as-62-billion-in-black-sky-scenario-2012-6#ixzz1ySaLfRq2

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: