The Spanish government and the Bank of Spain on Sunday began the country’s first bank rescue in this financial crisis, providing up to €9bn ($11.9bn) in liquidity to Caja Castilla La Mancha, a troubled savings and loans institution, and replacing its directors with central bank nominees.

The last time the central bank took over a financial institution was in 1993 when it seized control of Banesto, which was subsequently sold to Santander.