Hard to draw conclusions without knowing the sizes of those banks. For example the 16 Spanish participating banks might be smaller or equivalent to the few French and German ones (likely true actually).
Sizes aside, the fact that Spain got this many banks on board this project is in and of itself pretty noteworthy. The fact that there are so few participating countries is also pretty interesting.
0. https://en.wikipedia.org/wiki/List_of_banks_in_Europe#Larges...