The plan of recapitalization of Spanish banks is currently on track. The initial reforms have created multi-year plans which include management overhauls, lending restrictions and cost cutting. Initially, ten banks were found to face capital shortfalls of €56 billion based on a benchmark of a 6% capital ratio. These shortfalls were mainly filled in the first quarter of 2013, 70% by public capital, 23% by junior debt bail-in, and 7% by private capital. Despite considerable progress, the banks still need to be cleaned up further, and in a follow-up action, capital requirements were increased to 9% by the European Commission to be enforced by the end of 2014