The Bank of Spain confirms the partial nationalization of Bankia as €4.47B owed to the...

The Bank of Spain confirms the partial nationalization of Bankia as €4.47B owed to the government cannot be paid back and will instead be converted into shares. "(It) continues to operate on an absolute regular jogging. Its depositors and customers (have no) cause for concern." (translated PR) (earlier)

Comments (5)
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    "In any case, BFA-Bankia is a solvent entity that continues to function quite normally and customers and depositors should have no concern."


    9 May 2012, 04:01 PM Reply Like
  • markjones12
    , contributor
    Comments (24) | Send Message
    The first of many investments... If a bank is nationalized, shareholders should pay the price, not the citizens.
    9 May 2012, 04:19 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (13369) | Send Message
    LOL Citibank and BofA are also partially nationalized. We just lie about it.
    9 May 2012, 04:56 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Reports we saw showed that government got about 45% ownership via convertible preferred stock.
    9 May 2012, 06:46 PM Reply Like
  • RaceSnail
    , contributor
    Comments (10) | Send Message
    On another site I read that Spain takes this action in an attempt "to shore up the hurting banking sector and try to convince investors the country doesn't need a bailout...". Is this entertaining or what? A virtually bankrupt sovereign takes control of some bank, and we're supposed to think, "Yeah baby, they got it under control now!" Hilarious...
    9 May 2012, 11:12 PM Reply Like
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