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| Spanish banks need up to 62bn euros | Spanish banks need up to 62bn euros |
| (39 minutes later) | |
| An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding. | An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding. |
| European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs. | European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs. |
| Earlier, Spanish finance minister Luis De Guindos said his country would officially ask for the aid for its stricken banks "in the coming days". | Earlier, Spanish finance minister Luis De Guindos said his country would officially ask for the aid for its stricken banks "in the coming days". |
| He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout. | He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout. |
| That meeting was one of a number of developments on Thursday | |
| |
| The estimates of extra funding needed to stabilise Spain's banks came from audits by the US firm Oliver Wyman and German firm Roland Berger. | The estimates of extra funding needed to stabilise Spain's banks came from audits by the US firm Oliver Wyman and German firm Roland Berger. |
| Oliver Wyman estimated between 51bn euros and 62bn euros would be required, while Roland Berger estimated 51.8bn euros. | |
| They were asked to work out how much money the banks would need if the Spanish economy were to shrink 6.5% and house prices fall 60% from their peak. | They were asked to work out how much money the banks would need if the Spanish economy were to shrink 6.5% and house prices fall 60% from their peak. |
| Their research covered 14 banking groups that account for 90% of Spain's banking sector. | Their research covered 14 banking groups that account for 90% of Spain's banking sector. |
| The figures were announced at a news conference by deputy governor of the Bank of Spain Fernando Restoy. | The figures were announced at a news conference by deputy governor of the Bank of Spain Fernando Restoy. |
| Mr Restoy declined to comment on individual banks, but said that most of them were deemed to be in a "comfortable" position. | Mr Restoy declined to comment on individual banks, but said that most of them were deemed to be in a "comfortable" position. |
| They were not as large as many analysts expected, according to the BBC's Andrew Walker, who is at the meeting of eurozone finance ministers in Luxembourg. | They were not as large as many analysts expected, according to the BBC's Andrew Walker, who is at the meeting of eurozone finance ministers in Luxembourg. |
| "Even so, Spain's banks need massive government help to repair the damage done to their finances by the boom and bust in the country's property market," he said. | "Even so, Spain's banks need massive government help to repair the damage done to their finances by the boom and bust in the country's property market," he said. |
| Spain's short-term cost of borrowing - the yields on government bonds - hit a 16-year high on Thursday. | |
| Madrid sold 2.2bn euros of bonds repayable over two, three and five years. | Madrid sold 2.2bn euros of bonds repayable over two, three and five years. |
| It paid a yield of 6.07% on five year bonds, up from 4.96% in May. | It paid a yield of 6.07% on five year bonds, up from 4.96% in May. |