Seven ailing Spanish financiers will be first in line to benefit from the external rescue assistance provided to Spain. These include banks like Catalunya Caixa, Banco Mare Nostrum and Banca Civica. They will be the first ones to benefit from the Euro 100 billion rescue fund made available through the country's international bailout.
The International Monetary Fund had indicated last week that certain Spanish banks desperately required external assistance to bring to health their balance sheets, and the Euro 100 billion rescue fund is aimed to help them recuperate. Of the seven banks Bankia, NovaCaixaGalicia and CatalunyaCaixa require urgent assistance because they have large capital shortfalls due to their operations in autonomous regions like Catalunya and Galicia.