{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Independent audit of banks shows they would need an extra �59.3 billion' data-url='/boclips/videos/5c54c290d8eafeecae15aa5d' data-video-url='/boclips/videos/5c54c290d8eafeecae15aa5d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nIndependent audit of banks shows they would need an extra �59.3 billion\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide shot of press conference room2. SOUNDBITE (Spanish) Fernando Jimenez Latorre, Secretary of State for the Economy:\"(In a base scenario) Bearing in mind all difficulties to estimate what will be the specific aid needs, we could...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide shot of press conference room\u003cbr/\u003e2. SOUNDBITE (Spanish) Fernando Jimenez Latorre, Secretary of State for the Economy:\u003cbr/\u003e\"(In a base scenario) Bearing in mind all difficulties to estimate what will be the specific aid needs, we could indicate approximately a reduction of the total amount in one third part. That would make an amount of approximately 40 (b) billion euros.\u003cbr/\u003e3. Set up shot of journalists\u003cbr/\u003e4. SOUNDBITE (Spanish) Fernando Restoy, Bank of Spain Deputy Governor:\u003cbr/\u003e\"(In a stressed scenario) Between 61 and 62 (b) billion euros are the result of this exercise. I want to insist that this is a global amount which is way under the amount of financial aid available, according to the memorandum that rules the whole financial aid programme right now.\"\u003cbr/\u003e5. Set up shot of journalists\u003cbr/\u003e6. SOUNDBITE (Spanish) Fernando Restoy, Bank of Spain Deputy Governor\u003cbr/\u003e\"Seven entities would pass this hard stress test, being capable to reach the six percent of core capital without needing any additional capital. On the other hand, there would be seven other entities that would need financial assistance. But these financial assistance is mostly concentrated on the entities that have been intervened by the Spain Banks Rescue Found (FROB).\"\u003cbr/\u003e7. Wide shot of press conference room\u003cbr/\u003eThe Bank of Spain said on Friday an independent audit of the country's troubled banks shows they would need an extra 59.3 (b) billion euros (76.3 (b) billion US dollars) to cover for further economic shocks.\u003cbr/\u003eThe stress tests' findings, released by consultants Oliver Wyman, will help the country decide how much money it will tap from a 100 (b) billion euro European loan facility offered back in June to prop up its financial sector.\u003cbr/\u003eSpain's banks have been struggling under the weight of toxic assets stemming from the collapse of the country's property market in 2008.\u003cbr/\u003eSaddled with these bad loans and failed building projects, the country's banks have been reluctant to loan out more money to businesses and households, stunting the economy. \u003cbr/\u003eThe European loan facility is to be used to cover these bad loans and shortfalls, thereby freeing up the banks to do business again.\u003cbr/\u003eSpain is at the centre of the eurozone crisis - its 1.4 (t) trillion euros (1.8 (t) trillion US dollars) economy is the fourth-largest among the 17 countries that use the euro. Besides its shaky banking sector, the country is struggling to support its heavily indebted regional governments.\u003cbr/\u003eIn addition to the bank aid, Spain is believed to be preparing to ask for another financial lifeline, a condition it must fulfill if it wants to take up a European Central Bank offer to buy unlimited amounts of government bonds to help lower its asphyxiating borrowing costs.\u003cbr/\u003eSuch large-scale purchases of short-term government bonds would drive up their price and push down their interest rate and take some pressure off of financially stressed governments such as Spain.\u003cbr/\u003eFriday's audit figure does not include the impact of ongoing banking mergers or taxation. Including those two elements, the shortfall drops to 53.7 (b) billion euros, the bank said.\u003cbr/\u003eSpeaking to reporters, Deputy Economy Minister Fernando Jimenez Latorre said he expected the aid sought would amount to around 40 (b) billion euros in the end.\u003cbr/\u003eBank of Spain deputy governor Fernando Restoy said some 400 auditors went through the books of 14 lenders - about 90 percent of the Spanish banking system - analyzing their capital cushions under adverse scenarios.\u003cbr/\u003eRestoy said the audit showed seven entities failed the test, the worst being the already nationalised Bankia, which will need 24.7 (b) billion euros.\u003cbr/\u003e\"We wanted (the tests) to be the toughest ever,\" Restoy said.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid 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