The deadline for a group of auditors to present full reports on the
capital needs of Spain's financial sector has been delayed 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, PwC and Ernst & Young--themselves, this person
added.
The delay seeks to provide the auditors with more time to complete
their evaluation 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, Spain's financial daily Expansion said the central
bank recently notified the auditors studying the books of the
country's banks about the change in 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.
Write to David Roman at david.roman@dowjones.com
(END) Dow Jones Newswires
June 19, 2012 04:35 ET (08:35 GMT)
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