The aim of this first exercise, of an aggregate nature, was to give an overall capital figure for the whole of the Spanish banking system. The analysis was top-down, as the information used enabled a sufficiently precise estimate to be made for the whole of the banking system, but was not sufficiently granular to provide for individual bank estimates. As a result, this exercise gave rise to recapitalisation needs for the system of between €16 billion and €26 billion under the baseline scenario and of between €51 billion and €62 billion under the adverse scenario, for all the banks considered
