Critics attack dynamic provisioning following Spanish bank results

Spanish banks this week reported third-quarter earnings that featured sharp increases in loan loss provisions at a time when the economy continues to sour - nothing unusual in that, perhaps, but critics of the country's approach to loan losses have seized on the results.

"This is no surprise. We knew this was coming. What it reveals is that all the stuff we've been told about the great Spanish system was a load of manure," says the head of one European accounting regulator.

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