Very close to the market’s expectation. A EUR 100 bln program has been put in place, so the amounts announced today are easily covered.

  • 7 banks need capital, 7 do not
  • Taking into account tax credits and mergers, the shortfall is EUR 53.7 bln
  • Shortfall for nationalized banks EUR 49 bln
  • Bankia capital shortfall is EUR 24.7 bln
  • Santander, BBVA pass stress test

Modest rebound in EUR/USD but holding below 1.2870 for now.