PracticeAccounting FirmsBig Four to audit Spanish banks

Big Four to audit Spanish banks

Firms to gauge whether there are any more losses to eke out of Spain's banks, prior to their recapitalisation

AN AUDIT BY THE BIG FOUR of the Spanish banking system should help its government clarify what is needed to recapitalise its ailing banks.

The audits of Spanish banks will run alongside a review by consultants to gauge the depth of problems in the banking system. The first review should be completed in mid-June, while the accounting firms’ work is expected to last for several months, reports Reuters.

Investors are looking for assurance that losses arising from property investments have been fully accounted for.

The audit, which is expected to show a recapitalisation requirement of between €30m (£24.2m) to €70m, could provide comfort to the markets, and ease inter-bank lending rates – which are proving expensive for Spanish banks.

 

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