Three Spanish lenders Novacaixagalicia, CaixaCatalunya and Unnim are to be recapitalised by the Spanish central banks rescue fund (FROB).
In the first quarter, the central bank said that all 114 registered financial institutions in Spain required to have a level of core capital of at least 8% of risk-weighted assets.
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The risk assessment process identified a sector wide caoital shortfall of 15.2bn ($20.4bn)
FROB will acquire 100% of Unnim, 93% of Novacaixagalicia and almost 90% of CatalunyaCaixa.
The central bank kicked off a comprehensive restructuring of the countrys financial in 2009. The process has resulted in sector wide balance sheet writedowns totalling 105bn while the savings bank sector has shrunk from 45 to 15 institutions.
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