THE results of an independent audit of Spanish banks which would serve as the basis for the release of up to $231.2billion in EU aid funds will be published September 28, government sources say.
The audit, carried out by US firm Oliver Wyman, examines "each of the 14 banking groups that make up 90 per cent of the Spanish banking system to determine their capital needs," the economy ministry said overnight.
"What they need will not be equivalent to the public help that each bank would require," the ministry said.
This is because some banks which were affected by the bursting of the property bubble in 2008 may be able to raise financing from the private markets.
The audit will also help to determine the price of toxic assets held by the banks, the government sources said. Under a deal with its eurozone partners, Spain agreed to clean up its banking sector by June 2013 in exchange for up to 100 billion euros for the industry.
A first group of banks, which have already been nationalised and whose capital requirements are expected to be confirmed by the audit, would receive public aid funds from November, the ministry said.