Spanish bank moves.

Spain has announced the restructuring of its banks. Here are the moves:

1. Troubled assets will be swept into a "bad bank"
2. The "bad bank" will have 10-15 years to liquidate them, esentially converting private bank losses into public debt.
3. Lending rules will be tightened.
4.Will be financedmostly from private capital.
5. Core requirement (good asset) raised to 9%.

Outflow from Spanish banks totaled E220B.