The Ministry of Economy and Competitiveness and the Bank of Spain have agreed to hire Roland Berger and Oliver Wyman as independent evaluators to carry out an assessment of the balance sheets of the Spanish banking system. After contacting the main international consultants, the two companies mentioned have been formally hired today by the Bank of Spain and will immediately begin their work in order to complete them in the second half of next June.

The objective of this initiative is to increase transparency and definitively clear doubts about the valuation of bank assets in Spain.

The project has two parts. The first will be a general assessment of bank balance sheets in Spain and their ability to withstand an adverse scenario. The result of this exercise, for which the two aforementioned companies have been hired, will be known in the second half of June.

The other fundamental piece of the plan will be a contrast of the estimation and recording procedures for the impairment of the assets of each banking group. To do this, three auditing companies will be hired before the end of May to carry out field work on the quality of the procedures for recognition and provision of insolvency provisions (impairment) in the accounting of Spanish banking groups. The works will take longer and the result of the exercise will be known in the coming months.

To coordinate the project, an advisory committee has been created (steering committee) whose president will be the Secretary of State for the Economy and who will have as vice-president the Deputy Governor of the Bank of Spain. The secretariat of this committee will correspond to the Bank of Spain.

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