THE SPANISH government will today approve an overhaul of savings-bank regulations, opening the door to private ownership of the mutually owned savings banks or “cajas,” Prime Minister Jose Luis Rodriguez Zapatero said yesterday.“This is the most important reform ever of our banking system,” Zapatero said.The reforms enable Spain’s troubled savings and loans banks to sell up to 50 per cent of their equity to private investors.Under current rules, cajas are restricted to selling non-voting securities known as “participative quotas”, as well as normal shares in listed industrial holding subsidiaries.Zapatero, who has come under immense pressure this year to speed up economic reforms, said the new rules would also “strongly limit” the number of elected officials named to the boards.