There was relative calm today amongst Caja Castilla-La Mancha (CCM) customers as bank branches opened their doors on the first day after the Bank of Spain's rescue package was announced.

The Bank of Spain is to take over Caja Castilla-la-Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9bn euros in guarantees.

Despite fears to the contrary, there were no queues of customers trying to withdraw their savings, with many customers confessing they thought their money 'safer than ever' since the Bank of Spain's intervention.

The bank itself issued a statement to the National Share Market Commission (CNMV) confirming that they would be operating with 'absolute normality' and with no risk to customers' money.
 
The move, however, was not without its critics in parliament, with opposition politicians demanding a thorough investigation into the CCM's situation and a 'full and urgent' explanation from the Bank of Spain's governor, Miguel Ángel Fernández Ordóñez, and the Economy Minister, Pedro Solbes.
 
The markets were none too calm either, with shares in banking giants like Santander and BBVA declining because of concern over the health of banks in Spain.

BBVA stock dropped 5.25% and Banco Popular Espanol was 5.25% lower.