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Bankia shares trading suspended amid bailout request by 123wert sdfsf
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Bankia shares trading suspended amid bailout request |
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Any extra government money would be on top of the 4.5 billion Eurosin state loans that the government converted into shares in thegroup in the part-nationalization process. Shares in Bankia's parent company Banco Financiero y deAhorros (BFA) have also been suspended. Bankia had to reassure its savers last week that their money wassafe after a Spanish newspaper reported a run on the bank. Bankia was created in 2010 from the merger of seven strugglingregional savings banks. It holds 32 billion Euros in distressedproperty assets.
Spain's economy minister Luis de Guindos said on Wednesdaythat the government would pump at least 9 billion Euros into Bankiabut that more would be available if it was needed. There have been four attempts by Spanish governments to shore upthe banking system since the global banking crisis of 2008. As part of the latest plan, lenders are having to make 30 billionEuros of extra provisions to cover potential losses on propertyloans, which comes on top of 54 billion Euros they were ordered toset aside in February. The health of Spain's banking system is key to whether thecountry eventually needs to seek a bailout itself from the eurozone and the International Monetary Fund.
But Professor Santiago Carbo Valverde of the University of Grenada,said he thinks Spain's other large banks are not in asdifficult a situation as Bankia. "Bankia has huge exposure to real estate and bad loans, muchlarger than other banks. "Other banks may have trouble as the government is demandingmore capital, but I don't think we will have another big caselike Bankia. "The three largest ones are in better shape as they havelower exposure to bad loans and they are more internationallydiversified." Spain's credit rating was downgraded by Standard &Poor's last month on the basis that it would probably have totake on more debt to support its banks. Its shares fell 7.4% on Thursday to close at 1.57 Euros, which is58% down from their listing price in July 2011.
Bankia history Formed in December 2010 from merger of seven troubled banks Most toxic assets moved into holding company BFA Listed on the Madrid stock exchange in July 2011 Chairman Rodrigo Rato resigned earlier in the month beforeBankia was part-nationalized. I am a professional writer from Apparel & Fashion, which contains a great deal of information about cleaning cat urine , clean cat urine, welcome to visit!
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