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
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.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceCelebrating excellence in the accounting profession, Accountancy Age's Top 50+50 2023 spotlights the top accountancy firms in the UK. Brought to...
View articleThe recent redundancies at KPMG will affect around 110 staff members in the UK Read More...
View articleThe FRC has overseen a major uptick in audit enforcement activity recently, with the regulator issuing fines of £33.3m in 2022, a 77% increase from th...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View articleThis month saw a flurry of appointments and promotions from the industries mid-tier firms Read More...
View articleJanuary proved to be a busy time for people moves in the accounting industry Read More...
View articleThe Big Four firm was found guilty of breaches in relation to cash and the audit of supplier rebates Read More...
View articleCelebrating excellence in the accounting profession, Accountancy Age's Top 50+50 2022 spotlights the top accountancy firms in the UK Read More...
View article