Roughly translated: keep the accounts clear and the chocolate thick.
From Creditflux via Alea.
Spanish website Cotizalia reports that Spain’s banks and cajas are negotiating on a one-to-one basis with the Bank of Spain to “fine-tune” their 2008 accounts in order to avoid taking catastrophic write-downs on loans. According to the article, the central bank has agreed to allow the banks to increase the “calendar of amortisation” of these troubled assets, which are said to be mostly loans to property developers.
Related link:
‘Banks are hereby required not to be in a hurry to publish their audited annual accounts’ – FT Alphaville