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Spain's banks face Ireland style recap; will include sub debt haircuts and triggering CDS  July 18, 2012 – 06:43 pm
As discussed here in April (see this post), Spain's banking system needs Ireland-style bank recapitalization. And that's precisely what Spain's banks are going to get. The "bad bank" entity, unceremoniously named the Asset Management Company (AMC), will become the proud owner of bad property loans. This is the equivalent of the Irish Bank Resolution Corp.
FSF bonds will be used instead of cash for recapitalization (discussed here back in June). The banks as well as AMC will be able to use the EFSF bonds as collateral at the ECB.
Source: Barclays Capital

he theory that somehow EFSF financing will not force haircuts on debt holders is nonsense. Haircuts are coming and they will be particularly painful for subordinated debt holders. The subordinated component of these banks' capital structures is quite large.
arclays Capital: - ... the Spanish authorities will amend existing legislation by the end of August to ensure full participation in the liability management

Source: Sober Look

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