Regulators Delay Important Spanish Bank Audit Because Everyone Will Be On Vacation

Photo: flickr/cuellar

The Wall Street Journal reported this morning that full results from the audit of the Spanish banking system that were originally slated to be delivered by July 31 will now be delayed until September.The reason? August vacation, which ostensibly would not have any bearing on a report due in July. Nonetheless, that is what “a Spanish central bank source” told the WSJ:

The delay seeks to provide the auditors with more time to complete their evaluation of the banks’ books and also responds to the fact that many Spanish companies and government institutions are only thinly staffed in August, a traditional holiday month when the cabinet and parliament rarely meet, this person said.

The Spanish government, the ECB, the IMF, and the Big Four accounting firms responsible for the audit all agreed to push the deadline back, according to the WSJ.

SEE ALSO: 14 Reasons Why Spain Is A Disaster >

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