It’s Ireland Four years Ago

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Spanish banks have about €180bn of problematic property loans on their balance sheets, which were made during Spain’s decade-long housing bubble.
The government hopes that by forcing further provisions, the country’s banks will be able to write down property asset prices to levels where they can then be sold, restarting the country’s stagnant real estate market and freeing up banks to be able to lend to the wider economy.”

And this old chestnut:

“The important thing is to get to a level of provisions where property assets become liquid, whether you can write them off, sell them or put them in a bad bank,” said Iñigo Vega, a banks analyst at CA Cheuvreux. “That will be the turning point, as you can then take the assets from the balance sheets of the banks.”

Spain Finalises Bank Recapitalisation Plan (Financial Times)

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