Audit shows Spain banks need $76.3B

Friday - 9/28/2012, 12:35pm EDT

MADRID (AP) - The Bank of Spain says an independent audit of the country's troubled banks shows a shortfall of (EURO)59.3 billion ($76.3 billion) to cover for an economic downturn.

The stress tests' findings, released by consultants Oliver Wyman Friday, will help the country decide how much money it will tap from a (EURO)100 billion ($128 billion) European loan facility to prop up its financial sector.

The Bank of Spain's figure does not include the impact of ongoing banking mergers or taxation. Including those two elements, the shortfall drops to (EURO)53.7 billion.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)