ECB says supports Spain's plan to recapitalize banks

FRANKFURT (Reuters) - The European Central Bank welcomed the publication an independent audit of Spain's banking sector and said it backs the country's plans to address the banks' capital shortfall.

Spain announced on Friday that according to an independent audit of the country's 14 main banks by consultancy Oliver Wyman its banks would need 59.3 billion euros ($76.3 billion) in extra capital to ride out a serious economic downturn.

The ECB was involved in the Strategic Coordination Committee and the Expert Coordination Committee that oversaw and approved the stress test, which they described as "stringent and the asset quality review as thorough".

"The ECB strongly supports the Spanish authorities' plans to ensure that capital needs are met in a timely manner," it said in a statement on Friday.

(Reporting By Eva Kuehnen; editing by Ron Askew)

Source: http://news.yahoo.com/ecb-says-supports-spains-plan-recapitalize-banks-170755434--business.html

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