MADRID (MarketWatch)
The deadline for a group of auditors to
present full reports on the capital needs of Spain’s financial sector has been
pushed to September from July 31, a Spanish central bank source said Tuesday
The move has been agreed with Spain’s government, the International Monetary
Fund and the European Central Bank, as well as the auditing firms — Deloitte,
KPMG, PricewaterhouseCoopers and Ernst & Young — themselves, this person
added
The delay is intended to provide the auditors more time to complete their
evaluations of the banks’ books and also responds to the fact that many Spanish
companies and government institutions are only thinly staffed in August, a
traditional holiday month when the cabinet and parliament rarely meet, this
person said
Earlier Tuesday, the Spanish financial daily Expansion said the central bank
had recently notified the auditors studying the books of the country’s banks
about the changed deadline
The auditors are conducting the second phase of an external overview of
Spain’s financial sector
Later this week, consultancies Oliver Wyman and Roland Berger are expected to
present a preliminary estimate of capital needs for the entire sector expected by July 31 to come instead in September
MADRID (MarketWatch)
The move has been agreed with Spain’s government, the International Monetary
Fund and the European Central Bank, as well as the auditing firms — Deloitte,
KPMG, PricewaterhouseCoopers and Ernst & Young — themselves, this person
added
The delay is intended to provide the auditors more time to complete their
evaluations of the banks’ books and also responds to the fact that many Spanish
companies and government institutions are only thinly staffed in August, a
traditional holiday month when the cabinet and parliament rarely meet, this
person said
Earlier Tuesday, the Spanish financial daily Expansion said the central bank
had recently notified the auditors studying the books of the country’s banks
about the changed deadline
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