• FROB funds temporary help, not nationalisation
• 2011 will be a difficult year
• Will keep obliging banks to provision against bad debts
• Forecasts point to stronger economic recovery in H2 2012
• Essential to keep up with ambitious pace of reforms
• International investors’ perception of Spain’s banks has changed
• Reform work has helped narrow benchmark bond spread to 190 bps
• Sees few problems from Portugal contagion