09:11
six Spanish banks have failed the European stress tests, including five savings banks and one medium-sized bank, ABC newspaper reported on Tuesday, citing unnamed sources.
The European Banking Authority (EBA) will publish stress test results for 91 of the region's top lenders on Friday afternoon.
Spain's Economy Minister Elena Salgado said on Monday some banks had failed the tests as generic provisions - cash put aside by the banks to cover potential losses - would not be counted as core capital.
Spain's banks held some €27 billion in generic provisions at the end of March.
Nobody at the Bank of Spain was immediately available for comment
Posted in: Six Spanish banks fail European stress tests
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