One Spanish bank could close

Spain may need to wind down one of its bailed-out savings banks, the European Union's competition chief said yesterday, warning liquidation of a bank may be preferable if the costs of rescuing it are too high for taxpayers. The European Commission is allowed to refuse a request to rescue a bank if it considers the lender too costly to save. Spain is awaiting final approval from the European Commission for the restructuring plan for three banks rescued by the state: NCG Banco, Catalunya Caixa and Banco de Valencia.