第二，资本——银行资产和负债的预备金，的确是问题的核心所在。

Second, capital, the buffer between Banks' assets and liabilities, is indeed at the heart of the problem.

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即使那些已经做好大损失准备的房贷机构，如西班牙最大的银行桑坦德，例如预备出售其拥有的35 - 40%土地，还可能需要出售更多。

Even those lenders that have braced for big losses-spain's biggest bank, Santander, has provisioned 35-40% of its acquired land, for instance-may need to set aside more.

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第一，资本规定能够将银行系统的预备金扩大到能够保护纳税人免受损失的水平。

First, they can expand the system's buffer to a level which protects taxpayers from losses.

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