Eurozone finance ministers have approved an aid package of up to 100 billion euro for Spanish banks.

Ministers of the 17-nation zone gave the green light to the package during a two hour telephone conference.

Interest rates charged for the loans, the timetable of the plan’s implementation and the conditions attached to the bailout were also discussed.

The funds will be disbursed by Spain’s bank resolution fund, Frob, on a case-by-case basis, following an audit and stress test of each banks ability to withstand unforeseen future shocks.