But the most impact would be on regional savings banks, such as Unicaja and CajaSur, which aren't as diversified.

WSJ: Spain Region Upsets Asset-Sale Plan

On Friday, Oliver Wyman completed the more granular audit, which only seven institutions passed ( Banco Santander, BBVA, Caixabank, Unicaja Ceiss, Bankinter, Kutxabank, and Sabadell).

FORBES: Spanish Bank Stress Test Reveals $76B Capital Short Fall; Path Cleared For Bailout

Only seven institutions passed the stress tests ( Banco Santander, BBVA, Caixabank, Bankinter, Unicaja Ceiss, Kutxabank, and Sabadell) while at least another nine were found to need capital to face a stress situation.

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