Spain's first independent audit of its banks may have come out, but the battle for a bailout is not over yet.

Independent auditors – Oliver Wyman and Roland Berger – estimated that Spain's banks will need up to 62 billion euros in extra capital.

Stress testing the Spanish banking sector is still not over however – as a second set of auditors - PricewaterhouseCoopers, Deloitte, Ernst & Young and KPMG Europe are set to complete an assessment of Spain's 14 main banking groups' balance sheets will be a key factor in determining the final extent of aid the country needs.

Earlier this month, Spain confirmed that the International Monetary Fund had granted up to 100 billion euros worth of aid for the troubled country but details on deal conditions is yet to be finalised.

Despite this amount being higher than the first audit assessment, analysts have voiced concerns that this will still not be enough.

For example, analysts at RBS say that Spain will need 134 to180 billion euros worth of capital over the next three years.

Analysts say there is a solution.

A full European Stability Mechanism package with the size of 370 billion to 455 billion euros will be sufficient enough to take Spain to end 2014.