The European Commission gave its approval Friday to a provisional government assistance of 4.75 billion euros to recapitalize three Spanish banks created this year as part of a restructuring of the network of savings banks.
The three banks are Banco NCG, Catalunya Unnim Bank and Banc.
The EC added that its final approval depended on a restructuring that ensures sustainability over the long term.
"Strengthening the capital of these banks is crucial in their ability to continue to lend to the real economy and to implement the restructuring they will suffer as a result of large subsidies received," said Competition Commissioner Joaquin Almunia in a statement.
The Bank of Spain said on Friday that 96.4% of banks had completed their recapitalization.
She added that the recapitalization had cost 13.4 billion euros, while the initial estimate given 15.2 billion. All banks are now in compliance with minimum solvency ratios, she said.