Banco de España says that 46% of the real estate and construction-industry exposure of the country’s cajas, or savings banks, has been classified as problematic. Miguel Ángel Fernández Ordóñez, the central bank’s governor, said, however, that the high proportion did not the raise risk level of Spain’s financial sector. Fernández Ordóñez made his comments in announcing new higher capital requirements for financial institutions, which the government approved Friday, calling them “essential and necessary.”

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