ECB's de Cos says Spanish banks will need to raise provisions to cover potential losses

ECB's de Cos has been on the wires, worrying, this morning, saying Spanish banks will need to raise provisions to cover potential losses given the energy shock and current economic slowdown.

Urges Caution, Careful Monitoring Of Potential Risks In Banking Sector Than Can Quickly Develop Adversely And Lead To New Stress Scenarios

Says Has Seen Certain Deterioration In Economic And Financial Situation Of Companies Most Exposed To Spike In Energy Prices

All very familiar language, and if it weren't for the lack of distractions for the market this morning, this wouldn't be getting much attention, but due to how quiet it is... Every squawk and newswire is picking it up.

This is the way.

EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term