The Spanish lender, weighed down by €37bn in mostly toxic property loans, was forced to tell authorities in Madrid on Tuesday that it would be unable to open the next day without a rescue deal to shore up its rapidly evaporating liquidity. By 3pm Madrid time on Tuesday, it was clear to supervisors in Madrid, Brussels and Frankfurt that Popular did not have enough high-quality loans left to use as security for additional central bank assistance.

https://www.ft.com/content/f43d182c-4c4f-11e7-a3f4-c742b9791d43