But as these three banks aren't publicly traded, the Spanish government said it would give the holders of their newly created ordinary shares the option of selling them to the country's depositguaranteefund.
Many argue the euro zone's survival now depends on rapid moves towards full political and fiscal union, with a single European banking supervisor, a common depositguaranteefund and resolution fund, a central European treasury operation and common issuance of bonds a formidably high hurdle.