Thus, a debt-equity swap of less than 7.5% of the creditors’ investment would be enough to compensate for the banks’ losses. And, even if the banks’ private depositors, whose claims are 39% of the aggregate balance sheet, were excluded, the debt-equity swap necessary to compensate for a loss of up to 100% of the equity would be less than 12% of the creditors’ investment volume.
西班牙银行的平均股权资本-资产比率为7%。因此，将债权人投资额的不到7.5%换为股权就足以弥补银行损失。此外，即使把银行的私人存款者（其债权占银行资产负债表总规模的39%）排除在外，弥补100%股权损失所需要的债务-股权交换量也不会超过债权人投资额的12%。