it seams that they are doing the same as British government has done with “Northern Rock” i.e. good bank & bad Bank.
Similar but not the same. The UK were up front and honest with the true state of their banks losses.
These Spanish banks were supported for years by the ECB until relatively recently when Trichet finally said enough. Then the Spanish government had no choice but continue the rescue funding and try and find private investment. So far no financial institution I know of wants to know and who can blame them.