25 May, 2012

Double your money?

Thanks to the excellent people at Zero Hedge who have followed the announcements of the rescue of the Spanish Bank Bankia


  • Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern, Zero Hedge, May 9


  • Spain is taking over Bankia by converting its 4.5 billion euros of preferred shares in the group’s parent company into ordinary shares, BusinessWeek, May 21


  • Spain said on Wednesday its rescue of problem lender Bankia would cost at least 9 billion euros ($11 billion), as the government tries to clean up a banking system that threatens to drag the country deeper into the euro zone crisis, Reuters, May 23


  • Bankia SA will have to ask the Spanish government for more than 15 billion euros as part of its effort to restore its financial health, state-owned news agency EFE reported Thursday, citing financial sources, Dow Jones, May 24


  • Note that the cost more than trebled in three days. Almost as bad as the Olympic Games.

    Bankia is a conglomerate of seven banks which include the wonderfully named Caja Rioja.

    I can add to all that today's FT:

    Spain to inject up to €19bn into Bankia.

    Any more for any more?

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