YEREVAN, July 21. /ARKA/. Banks of Spain with lack of capital will have to present plans for banking improvement to European Commission and Spanish authorities by early October, according to the conditions for financial aid to Spain’s banks illustrated in the memorandum on mutual understanding, Prime agency reports.
Currently, the ongoing independent stress tests should define the lack of capital at some particular banks. This audit may come to end in mid-September, according to the memorandum.
“Spanish authorities and European Commission will assess viability of banks following the results of the stress tests and plans of restructuring,” the document states.
Restructuring plans for the troubled banks such as Bankia, Catalunya Caixa, NCG Banco и Banco de Valencia, should be approved by the European Commission not later than November. And the plans for restructuring banks which are not in trouble must be approved by the European Commission not later than the year’s out. —0–