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m22au
Registered: Mar 2002
Posts: 3138 |
11-25-12 02:30 PM
Some possible timing on the (next) Bankia bailout:
http://www.zerohedge.com/news/2012-...nk-bailout-tran
"European authorities will transfer 35 billion euros to Spain's state bank rescue fund on Dec. 15 in exchange for massive layoffs at Spain's four nationalised banks, including state-rescued Bankia, El Pais newspaper reported on Sunday.
"The cash injection from European bailout funds will be disbursed to troubled Spanish banks two weeks after it is paid into Spain's bank restructuring fund, or FROB, the paper said."
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m22au
Registered: Mar 2002
Posts: 3138 |
12-04-12 06:09 AM
Bankia update:
The shares have crashed to 0.6690 EUR as at the close on Monday 3 December, after reaching an intraday low of 0.6110.
In terms of finding out the precise details of the recapitalization, Thursday 20 December looks like a key date.
"Four Spanish banks to need 1.5 bln eur in EU funds-minister"
www.reuters.com/article/2012/12/03/...E8N3I6920121203
"Their recapitalisation plans are due to be approved by the Bank of Spain by Dec. 20."
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m22au
Registered: Mar 2002
Posts: 3138 |
03-10-13 05:09 AM
Quote from m22au:
Bankia update: down 13% to roughly 0.60 EUR
Approx. market cap is now 1.2 billion EUR
http://www.bloomberg.com/quote/bkia:SM/
Which is extremely high for a bank with negative book value, and given that government officials are leaking the news that further large losses for shareholders are likely.
"UPDATE 1-Spain's Bankia wipes out shareholders in revival bid"
http://www.reuters.com/article/2012...E8NR3LZ20121227
"Spain's Bankia wipes out shareholders in revival bid"
http://uk.reuters.com/article/2012/...E8BQ06T20121227
5 March 2013
"EU sticks to minimal Bankia share valuation - source"
http://uk.reuters.com/article/2013/...E92409020130305
"EU regulators will order shares of Spain's Bankia be valued at just 0.01 euros each, a European Commission source said, meaning shareholders including thousands of ordinary Spaniards will be hit hard in a debt-for-equity swap to boost the bank's finances.
"Bankia's BKIA.MI minimal valuation is being disputed by Spanish authorities, which had been seeking a 0.10 euros per share valuation, sources familiar with the matter told Reuters last week.
"The figure is crucial as the rescued bank prepares to swap debt into shares as part of a 10.7 billion euro (9.1 billion pounds) capital hike, affecting hundreds of thousands of small investors."
More at the link above
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