Rating agencies disagree as Spain says cajas need Eu15bn

The Bank of Spain on Thursday gave a clean bill of health to 33 of 37 banks in the country, to nine of its 17 savings bank groups and to all of its credit cooperatives after testing core capital levels. Those failing the test will need to find Eu15.5bn of fresh capital — a far lower figure than rating agencies and private estimates suggest — and even that figure could be reduced if some of the cajas can transform themselves into banks through initial public offerings.