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[Spanish bank] Bankia to reveal largest loss in Spanish corporate history
Telegraph (UK) ^
| 21 February 2013
| Helia Ebrahimi
Posted on 02/22/2013 7:57:10 PM PST by Lorianne
Nationalised Spanish lender Bankia is expected to reveal a 19bn loss next week, the largest in the countrys corporate history. ___ The bank has been struggling to close 1,100 branches and sell assets since its bailout in 2012.
On Thursday Bankia will report full-year earnings, including a 12.6bn provision taken at the end of last year. The writedown is a result of the lender moving assets into Spains bad bank at heavy discounts.
Bankia, which is seen as a symbol of Spains financial woes, was created through the merger of seven smaller savings banks before being listed on Madrids stock exchange. When the company failed, hundreds of thousands of people who had been sold shares saw their savings wiped out. The collapse forced Spain to ask Europe for a bailout for its banking sector, which has meant the lender is subject to tight controls.
(Excerpt) Read more at telegraph.co.uk ...
TOPICS: Business/Economy; Foreign Affairs; Government
KEYWORDS: eu; spain
posted on 02/22/2013 7:57:18 PM PST
No wonder ... even their building is falling down:
posted on 02/22/2013 7:58:51 PM PST
No wonder ... even their building is falling over:
posted on 02/22/2013 7:59:24 PM PST
posted on 02/22/2013 8:08:57 PM PST
(My common ground with terrorists - they want to die for islam and we want to kill them)
Bad loans, as usual. Handing out loans like free candy might be the nice thing to do in a socialist utopia, but the real life consequences can't be ignored forever.
posted on 02/22/2013 8:25:51 PM PST
by Telepathic Intruder
(The only thing the Left has learned from the failures of socialism is not to call it that)
The PIGS are coming home to roost.
posted on 02/22/2013 9:18:24 PM PST
by RC one
(.From My Cold Dead Hands.)
The collapse forced Spain to ask Europe for a bailout for its banking sector
That's the key line in all this talk, but it's thoroughly overlooked. Essentially, it's a sovereign government admitting it is failing in its basic duty and begging other sovereign governments for help.
The current economic crisis isn't a market failure, of which there are many, but an absolute failure of governments over and over again.
posted on 02/23/2013 3:55:02 AM PST
(First, Do No Harm)
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