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EU Asks De Guindos to Audit Spanish Banks, La Vanguardia Says

May 10, 2012

European Union officials asked Spanish Economy Minister Luis de Guindos to take over supervision of his country’s lenders from the Bank of Spain and appoint independent auditors to review their balance sheets, La Vanguardia reported.

The EU is alarmed that the central bank failed to identify the problems at Bankia SA (BKIA), which was part-nationalized yesterday, the newspaper reported, without saying how it obtained the information.

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