According to the Financial Times, financiers in the embattled country are going through the process of offering detail to investors with regard to how they are going to attempt to raise the â¬26.2 billion ($36.8 billion) needed before June 2012.
Under new rules outlined by the EU, banks in certain member states including Spain and Greece need their new capital to reach a principal ration of nine per cent in assets before this date.
Overall, 70 lenders across the continent are required to raise some â¬106 billion and Spanish firms such as Santander and BBVA have begun formulating their proposals.
For instance, Santander is going to try to exceed the EU's required figure by one per cent to give itself some breathing space.
This comes after Moody's recently decided to downgrade Spanish government bonds from Aa2 to A1.
By Claire Archer