Very close to the market’s expectation. A EUR 100 bln program has been put in place, so the amounts announced today are easily covered. -7 banks need capital, 7 do not -Taking into account tax credits and mergers, the shortfall is EUR 53.7 bln -Shortfall for nationalized banks EUR 49 bln -Bankia capital shortfall is EUR 24.7 bln -Santander, BBVA pass stress test Modest rebound in EUR/USD but holding below 1.2870 for now. (full story)