"Moody's expects corporate profits to remain depressed for some time, especially in view of the limited likelihood of an additional economic stimulus, adding strain on unemployment and contributing to further deterioration in loan quality," said the report's author, Moody's senior analyst Alberto Postigo. The agency said it expected economic lifetime losses for Spanish banks of up to 176 billion euros, of which the banks had so far only recognised 88 billion euros through write-downs and reserves. After taking into account funds committed by the government and other offsets, Moody's estimated there was still a net capital shortfall of 17 billion euros.