ECB to assist Spanish bank audit

Luis de Guindos
Economy minister says Spain will not need EU help

The Spanish government has requested assistance from the European Central Bank (ECB) in the auditing of the accounts of Spanish banks saying they want to carry out the audit as soon as possible.

“The Spanish government has asked that the European Central Bank to be involved in this work of analysing the banks’ portfolios, and I believe that transparency is vital, and is a fundamental element to dispelling the doubts that exist about the Spanish banking system,” said Spanish economy minister Luis de Guindos as he entered the Ecofin meeting.

‘We have nothing to hide, we believe that the reforms we are carrying out will make the accounts more transparent, the Spanish government is very clear about that.”

The minister also pointed out that the government had already decided last Friday to ”appoint two independent auditors to analyse the portfolio of Spanish banks” adding that he is ”absolutely willing” to push the project through,  although he did not specify a completion date.

“It’s a job that will take time, but we will try to have it done in just under two months,” he said.

When asked whether Spain would ask for financial assistance from the EU De Guindos made assurances that this wont be neccessary.

“Nobody has spoken at all about going to the bailout fund, it is a matter of speeding up the independent evaluations”, he concluded.