Tag Archives: Bankia

BBC News – Spain’s Bankia Seeks 19bn-Euro Bailout From Government – 25 May 2012

Spain’s fourth-largest bank, Bankia, has asked the government for a bailout worth 19bns euros ($24bn; £15bn).

Bankia also restated its results – now saying it made a 2.98bn-euro loss for 2011 rather than the 309m euros in profit it announced in February.

Read the whole story at : http://www.bbc.co.uk link to original article

John Ward – European Banknotes : The Suddenly Missing Y Chromosome In Greece – 18 May 2012

ImageThe strange case of Y = 0

Some of you may recall a post of mine on the subject of how one tells the origin of euronotes by country, and how the Bank of Greece has gone into the business of printing its own unauthorised version.

At the time, I pondered at length during several posts as to why Mario in Frankfurt didn’t seem to be worried about it. Did he know anyway? some Sloggers asked: to which the answer is ‘Yes’, because each country issuing Toytown notes uses a prefix in the note number to denote the origin. Without that, the note isn’t legal tender. Continue reading

John Ward – Spain Crisis : Deloitte Reports €1BN Overstatement In Bankia Savings & Loan Division – 10 May 2012

Spanish crisis moves up a gear as doubts grow about Madrid bailout resources

Sources in troubled Spanish bank Bankia confirmed to leading Spanish newspaper El Mundo yesterday that auditors Deloittes had discovered what they called ‘an inflated statement of liquidity’ for 2011 in the Caja division of the Group. Its shares dropped 6 percent on the news, its third straight day of heavy losses. Continue reading

Mish/ Mike Shedlock – Spain Nationalizes BFA And 45% Of Bankia; No Bid For Catalunyacaixa, Bank Worth Less Than Zero; Der Spiegel : Germany Fears “Bottomless Pit” – 10 May 2012

The implosion in Spanish banks continues. On Wednesday, Spain nationalized BFA, the 8th nationalization since the start of the crisis.

After sinking 3 billion into CatalunyaCaixa, Spain tried to privatize the mess but there were no offers at zero euros. Clearly CatalunyaCaixa bank is worth less than zero.

Meanwhile Der Spiegel reports “Bundesbank has no idea of what is happening in Spanish banks”. Mish readers do. The Spanish banking system is without a doubt bankrupt. Continue reading

Mish/ Mike Shedlock – Spain To Spend €7bn-€10bn (It Doesn’t Have), Bailing Out Bankia, The Nation’s 3rd Largest Bank; Liar, Liar Pants On Fire – 8 May 2012

After insisting no bailouts would be needed, Spain to spend billions on bank rescue

Spain is planning a state bail-out of Bankia, the country’s third biggest bank by assets, in a move likely to involve the injection of billions of euros of public money into the troubled lender.

In an abrupt reversal of policy, the Spanish government, which had previously insisted that no additional state money would be needed to clean up the country’s banking sector, confirmed that an intervention was being prepared. Continue reading