In 1983 he took over Meinl bank, the family banking arm, and gradually changed it from a small savings bank into an investment bank and fund-management firm.

If you're not in debt and have a healthy emergency fund, make sure you put your savings into a safe place, like a separate bank account.

After today's deadline to re-capitalise, the bank of Spain announced that the national bank rescue fund will own majority stakes in four caja savings Banks.