The European Commission has given the go-ahead to Spanish government's plans to restructure four troubled banks.
Bankia, Banco de Valencia, NCG and Catalunya Banc were nationalised after experiencing heavy losses on loans to homebuyers and property developers.
Banco de Valencia is to be sold to Caixa Bank, a privately-owned lender.
The other three must cut the total size of their loans and investments by more than 60% over the next five years under their restructuring plans.
During the restructuring period, the banks will be banned from paying dividends to shareholders or from acquiring other companies, and employee pay at the banks will be capped.
According to the European Commission, some 10bn euros (£8bn: $13bn) of the restructuring cost must be borne by investors in the banks - which is expected to include the requirement that some lenders to the banks accept a reduction in the amount owed to them.
The plans had also been approved by the Spanish central bank on Tuesday.
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