Fernandez Ordonez added that unless the economy improved, Spanish banks — which are heavily exposed to a burst real estate bubble — will need more capital.
The government has already instituted a reform that will require banks to come up with an estimated €50 billion ($65 billion) in provisions to cover real estate holdings, many of them overvalued.
Ciaran Giles in Madrid and Gabriele Steinhauser in Brussels contributed to this report.
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