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Shares in troubled Spanish bank Bankia plunge

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Shares in crisis-ridden Spanish bank Bankia plunged again as details of a public rescue exposed the extent of its problems.

 

Shares fell 25pc to 41 euro cents in Madrid after the bank and its parent company BFA said it had received almost €18bn (£15bn) to bolster its balance sheet. The bailout was funded by a eurozone rescue loan after the region’s members were forced to step in when it became clear Spain alone could not deal with the crisis facing its lenders. The rescue will dilute the value of Bankia’s existing shares, involving the conversion of €10.7bn of “contingent convertible bonds” into equity.

 

CNMV, the Spanish stock exchange regulator, said Bankia would be suspended from the IBEX-35 index of leading shares from January 2. Earlier in the week Spain’s state-backed Fund for Orderly Bank Restructuring said Bankia had a negative value of €4.15bn, while BFA had a negative value of €10.4bn.

 

More: http://www.telegraph.co.uk/finance/financialcrisis/9769643/Debt-crisis-Shares-in-troubled-Spanish-bank-Bankia-plunge.html


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