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Keyword: spainbanks

Spain nationalises Bankia as euro crisis escalates

05/09/2012 2:44:52 PM PDT · by bruinbirdman · 1 replies
The Telegraph ^ | 5/9/2012 | Ambrose Evans-Pritchard

Spain has nationalised crippled lender Bankia in a dramatic move to contain the esalating crisis and restore faith in the country's management. The forced rescue was ordered by premier Mariano Rajoy after auditors Deloitte refused to sign off the bank's books, amid allegations of €3.5bn (£2.8bn) of inflated assets. Half of the bank's €37bn of property exposure is deemed "problematic" by regulators. The lender has asked for €4.5bn in loans, converting the cash into ordinary shares. The Spanish government holding 45pc of the bank in return. Bank of Spain has also demanded Bankia dispose of assets as part of the...

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