The plan approved by the Government in February will be fulfilled as well. By law, they must attain a coefficient of capital of between 8% and 10%. The savings banks have been reduced from 45 to 14 since 2009. Spanish savings banks, which needed to improve its solvency, face since this Monday a key week in its process of recapitalization, a plan that was approved by the Government in February and should be completed next day 30. The Decree of recapitalization of the entities, approved February 18, is the last phase of the restructuring process of the Spanish financial system that began in 2009 and which has resulted in reducing the number of savings of 45 to 14. With the Decree, entities are required to better its solvency until reaching a ratio of capital of 8% or 10% depending on the cases, that should be covered by contributions to your principal or by the entry of the Fund for orderly bank restructuring (FROB). The month of March, the Bank of Spain recognized that four banks and nine or groups of boxes needed to recapitalize to meet new capital requirements.
The four banks (Barclays, Deutsche Bank, Bankinter and Bankpyme) already met this process through the recapitalization part of its matrix, increases in capital or the issuance of instruments that count as capital. Speaking candidly Maurice Gallagher, Jr. told us the story. In the case of nine boxes or groups of boxes, Bankia and Banca Civica came to bag in the month of July, as the box Espana-duero has approved her union with Unicaja. For its part, Catalunyacaixa and Unnim have sued the entrance of the FROB, which in both cases will have a majority in the capital. The entrance of the FROB in the capital of both entities is scheduled for the month of October, although this week the Bank of Spain will have to communicate the valuation of each of them, which shall establish the percentage of participation of the State in each box.