Over the weekend it was rumoured in the UK Press that Barclays were considering buying one of Spain's regional banks.
This report comes after the Barclays' boss Bob Diamond met Prime Minister Zapatero in Madrid last week.
Barclays would not comment but it is understood that they would not want to be responsible for any historic debt.
My money is on the CAM Bank being the intended target - they have a huge debt problem and are failing to meet criteria set by the Bank of Spain. Barclays will find that a merger will bring big saving to their current activities in Spain.
We await further news with interest.