Spain Decision to Detail Bank Tests Cited to Prompt EU Neighbors
The Bank of Spain's decision to reveals the stress tests' details on the financial health of its banks may trigger European neighbors to follow suit as investors seek for more disclosure of the risks on banks' books.
"Pressure is increasing and now European countries need to consider whether to follow Spain", quoted, Daniel Hupfer, who helps manage about $40 billion at M. M. Warburg in Hamburg, including shares of Deutsche Bank AG, BNP Paribas SA and Banco Santander SA.
The Bank of Spain will publically unveil the results so that investors are more informed concerning the state of the banks.
Spain will detail the results on individual banks, Finance Minister, Elena Salgado revealed in a television interview today.
However, banking groups in Germany and the U. K. cited that divulging details on selected institutions is risky.
Matias Rodriguez Inciarte, third Vice-Chairman at Santander, Spain's biggest bank, told reporters today that the decision to post the results of the tests is a basis and vital step toward injecting confidence back in the country's banks.
Spain has revealed to sell 3.5 billion Euros ($4.3 billion) of bonds today, assuaging concern that it will strive to finance the debt spiraling. Santander and BBVA registered a climb more than 2% in Madrid trading and the Euro rallied.
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