Spanish minister: 70% of banks will pass stress tests

1 June 2012

Spanish minister: 70% of banks will pass stress tests
Luis de Guindos Jurado - Minister of Economy and Competition of Spain

The majority of Spanish banks will be in a strong enough position to pass upcoming stress tests, a senior official from the struggling Iberian nation has insisted.

Later this month (11 June), the International Monetary Fund (IMF's) will publish the results of its stringent examinations of the health of financiers in Spain and there is an expectation among analysts that this may underline the need for the country to accept an international bailout.

However, economy minister Luis de Guindos has declared that 70 per cent of the lenders under scrutiny will pass these tests.

During a news conference, Mr de Guindos said of the IMF's upcoming report: "What it will say fundamentally is that 70 per cent of Spanish banks are perfectly healthy and that problems are concentrated in the remaining 30 per cent."

Furthermore, the government official noted that debt-stricken Bankia is the main contributor to the minority of companies who will be found to be in danger.

By Asim Shah

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