Madrid is gearing up for the results of an audit of Spain's financial sector, with senior bankers in the city believing the findings represent the country's last chance to prove the banking crisis is under control.
The results of a three-month evaluation will be revealed at the end of this week, with consultancy Oliver Wymna carrying out the investigation with the help of the Big Four auditors, the Financial Times reports.
It is hoped the findings will represent a definitive assessment of the damage caused by a property bubble on balance sheets that has been evident for the last ten years.
Santiago Lopez, an analyst at Exane BNP Paribas, noted: "Spanish banks are not giants but windmills ... The assumptions of the tests seem reasonable but the conclusion is not credible."
Mr Lopez suggested that apart from Bankia, no listed bank is likely to require new capital under the tests.
By Gary Cooper