To date, and with the presentation of the results of the bottom-up exercise, the first of the above-mentioned points has been addressed, through a process involving close coordination between the Spanish and international authorities (ECB, the EC, the EBA and the IMF), and the support of the latter. The exhaustive nature of the exercise conducted should be highlighted, as it has entailed the work of more than 400 auditors in the review of more than 115,000 operations, and of six national and international appraisal companies performing more than million house appraisals. The other two objectives are under.
