Spain announced a bailout of at least €9bn and full state takeover for troubled lender Bankia on Wednesday. Meanwhile, officials debated how to back regions that must refinance €36bn this year.
A government source said the ECB and IMF would oversee an external audit aimed at easing concerns over the health of the bank sector.
“You have to include them in a way because there is a significant amount of distrust placed by investors on figures provided by the Bank of Spain and the treasury,” Citi economist Guillaume Menuet said.
“It’s a bit of a double-edged sword, though, because if the figures turn out to be too optimistic it hurts their credibility.”
The aim of the external audits, due to be completed by mid-June, is to put a definitive number on how much the government might have to spend to shore up banks after forcing them to recognise €137bn in losses.