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スペイン政府は、BANKIAの親銀行のBanco Financiero y de Ahorros(BFA)の100%の国有化を決定、BANKIAの45%の株
El Estado nacionaliza el grupo de Bankia
El nuevo presidente del grupo propone la conversión de la ayuda del FROB en capital de BFA
La medida planteada por José Ignacio Goirigolzarri permitirá evitar el uso de más dinero público
El Estado controlará el 100% de BFA, y en consecuencia, el 45% de Bankia
The State nationalizes the group Bankia
The new president of the group proposing the conversion of capital assistance in BFA FROB
The measure proposed by Jose Ignacio Goirigolzarri will avoid the use of more public money
The state control 100% of BPA, and thus 45% of Bankia
What about savers Bankia? the keys
DOWNLOADABLE The Bank of Spain confirms the request for nationalization
Barron Íñigo Madrid 9 MAY 2012 - 23:42 CET
The new president of the group proposing the conversion of capital assistance in BFA FROB
The measure proposed by Jose Ignacio Goirigolzarri will avoid the use of more public money
The state control 100% of BPA, and thus 45% of Bankia
What about savers Bankia? the keys
DOWNLOADABLE The Bank of Spain confirms the request for nationalization
Barron Íñigo Madrid 9 MAY 2012 - 23:42 CET
Rajoy's government has initiated the most sweeping reform of the financial system since the crisis began: Nationalization of Bank Savings Financial (BFA), parent of Bankia. That the State is left with all the capital of BFA-and thus become 45% owner-Bankia, as announced Wednesday by the Ministry of Economy, is down one of the major entities, while recalling Banesto crisis in 1993 and opened the way for further reforms that will arrive the next day.
The eviction of the former vice president and president Aznar economic and Bankia BFA, Rodrigo Rato, is the second attempt by the PP recover the credibility of the system and the room is covered in four years. This reflects the seriousness of the moment, which has reacted late in Spain and is to agree to markets and investment banks demanded additional measures to clean real estate assets.
The Board of Bankia and BFA, appointed president Jose Ignacio Goirigolzarri, replacing Rato. Two councilors abstained socialists. In addition, the resignation of Jose Manuel Fernandez Norniella as executive director.
Then Goirigolzarri (Bilbao, 1954), former CEO of BBVA, proposed the nationalization of BFA, which controls 45% of the listed Bankia by conversion of the 4.465 million of Bank Restructuring Fund (FROB), the capital of BFA . The Council approved it unanimously.
The Government's response came just hours later. "The FROB will own 45% indirect stake in Bankia," reads the statement issued by Finance. That is, the State retains 100% of BFA. And he does it "considers it unlikely, in view of the situation of the entity and the group that the repurchase of preferred shares can be completed within five years.
Earlier, the Bank of Spain secured in a note that the group "is a solvent entity that continues to function quite normally and their clients and depositors should have no cause for concern." Precisely the need to avoid damaging the reputation and loss of liability was the argument used by councilors to approve the nationalization.
After conversion of the FROB aid, the agency, under the Bank of Spain, will control 56% of Bankia
The group is the fourth largest with more than 10 million customers and 340,000 million in assets. Goirigolzarri assumes all powers, allowing you to change the tips, especially BFA, as well as managers. The market expected to surround himself with exejecutivos Goirigolzarri BBVA and others.
BFA is the real bad bank, so the taxpayer will be left to cover investments in the brick. The group has 31,800 million in troubled real estate assets, making it the first real estate in Spain. Meanwhile, investors in the listed Bankia have stayed with the cleanest part of the business.
The group's takeover comes after reports that Deloitte believed that the group had overvalued its assets at 3,500 million. Despite published the news, the CNMV not sought clarification throughout the day. If the BFA deducts his capital by 3,500 million, would be zero. Deloitte has not submitted the audit, but Goirigolzarri movement indicates that you agree with the auditor and the state for help.
The method used in BFA-Bankia is different from the nationalization of CatalunyaCaixa, Unnim and Novagalicia because now there will be no auction, which has provoked complaints from some leaders of these groups. However, BFA-size becomes more complicated Bankia sale.
more informationWhat about savers Bankia?Bankia loses 700 million of its stock market value after three days of sharp declinesRajoy's government force the resignation of Rato BankiaThe Bank of Spain and Economy finalize a profound reorganization of BankiaThe key change in Bankia
It is possible that Goirigolzarri have to claim more public capital to BFA when known the second reform of the economy minister, Luis de Guindos, which will increase housing sanitation. It so happens that the state will control an entity that is the third most Spanish public debt has: 29,100 million.
Speaking to EFE, Goirigolzarri said he assumed office with the challenge of the entity "strong, profitable and powerful." "The new president of the group ask for more money to buy time. Probably restructure the group selling parts, aflorará more questionable items ... What is clear is that the Government has already late and corrections continuous, which spread a cloud of suspicion about how bad it can be the whole sector, "says a banker who requested anonymity.
The Economy Ministry has facilitated the delivery of a professional rudder, Goirigolzarri, who has 30 years of industry experience. This movement involves someone close to the PP rule, proof that it is aware of the seriousness of the moment.
In order to seven boxes
The decision means in practice the disappearance of seven savings banks that make up BFA: Caja Madrid, Bancaja, Caja Avila, Caja Segovia, Caja Insular de Canarias, La Caixa and Caja Rioja Laietana. The capital that these entities contributed to the merged group has disappeared because it was meant to stem losses. The fall of these entities will be a huge capital loss and damage its social work.
The errors that have killed BFA-Bankia start out with the merger of entities with more brick on their balance sheets (Bancaja and Caja Madrid), although in 2010 and was peering to the housing crisis was here to stay. They also had a large stake in the business with immigrants. Boxes were almost monoculture: mortgage, real estate financing and strong promoter and shares traded. At a stroke, the wind changed and all the advantages of this business became lead. The mortgages lost their profitability, real estate was all defaults and the stock market sank. Were entities that did not generate net interest income. For example, for years, at the time of Miguel Blesa, Caja Madrid lived almost exclusively on dividends from Endesa.
Too much easy money caused them to neglect the profitability, productivity and net profit was obtained with the banking business. When it came time to make large provisions to close holes in the brick, the bottom line dried. Now all are problems. The group was saved if he had accepted the merger with La Caixa, in January, but refused by Rato power problems Isidro Faine, president of the Catalan. Maybe now regrets his decision.
Nationalization means switching off the flagship of the PP and where more charges have placed. However, the fear of intervention from Spain, the risk premium on 458 points, has forced the most drastic measure.
The eviction of the former vice president and president Aznar economic and Bankia BFA, Rodrigo Rato, is the second attempt by the PP recover the credibility of the system and the room is covered in four years. This reflects the seriousness of the moment, which has reacted late in Spain and is to agree to markets and investment banks demanded additional measures to clean real estate assets.
The Board of Bankia and BFA, appointed president Jose Ignacio Goirigolzarri, replacing Rato. Two councilors abstained socialists. In addition, the resignation of Jose Manuel Fernandez Norniella as executive director.
Then Goirigolzarri (Bilbao, 1954), former CEO of BBVA, proposed the nationalization of BFA, which controls 45% of the listed Bankia by conversion of the 4.465 million of Bank Restructuring Fund (FROB), the capital of BFA . The Council approved it unanimously.
The Government's response came just hours later. "The FROB will own 45% indirect stake in Bankia," reads the statement issued by Finance. That is, the State retains 100% of BFA. And he does it "considers it unlikely, in view of the situation of the entity and the group that the repurchase of preferred shares can be completed within five years.
Earlier, the Bank of Spain secured in a note that the group "is a solvent entity that continues to function quite normally and their clients and depositors should have no cause for concern." Precisely the need to avoid damaging the reputation and loss of liability was the argument used by councilors to approve the nationalization.
After conversion of the FROB aid, the agency, under the Bank of Spain, will control 56% of Bankia
The group is the fourth largest with more than 10 million customers and 340,000 million in assets. Goirigolzarri assumes all powers, allowing you to change the tips, especially BFA, as well as managers. The market expected to surround himself with exejecutivos Goirigolzarri BBVA and others.
BFA is the real bad bank, so the taxpayer will be left to cover investments in the brick. The group has 31,800 million in troubled real estate assets, making it the first real estate in Spain. Meanwhile, investors in the listed Bankia have stayed with the cleanest part of the business.
The group's takeover comes after reports that Deloitte believed that the group had overvalued its assets at 3,500 million. Despite published the news, the CNMV not sought clarification throughout the day. If the BFA deducts his capital by 3,500 million, would be zero. Deloitte has not submitted the audit, but Goirigolzarri movement indicates that you agree with the auditor and the state for help.
The method used in BFA-Bankia is different from the nationalization of CatalunyaCaixa, Unnim and Novagalicia because now there will be no auction, which has provoked complaints from some leaders of these groups. However, BFA-size becomes more complicated Bankia sale.
more informationWhat about savers Bankia?Bankia loses 700 million of its stock market value after three days of sharp declinesRajoy's government force the resignation of Rato BankiaThe Bank of Spain and Economy finalize a profound reorganization of BankiaThe key change in Bankia
It is possible that Goirigolzarri have to claim more public capital to BFA when known the second reform of the economy minister, Luis de Guindos, which will increase housing sanitation. It so happens that the state will control an entity that is the third most Spanish public debt has: 29,100 million.
Speaking to EFE, Goirigolzarri said he assumed office with the challenge of the entity "strong, profitable and powerful." "The new president of the group ask for more money to buy time. Probably restructure the group selling parts, aflorará more questionable items ... What is clear is that the Government has already late and corrections continuous, which spread a cloud of suspicion about how bad it can be the whole sector, "says a banker who requested anonymity.
The Economy Ministry has facilitated the delivery of a professional rudder, Goirigolzarri, who has 30 years of industry experience. This movement involves someone close to the PP rule, proof that it is aware of the seriousness of the moment.
In order to seven boxes
The decision means in practice the disappearance of seven savings banks that make up BFA: Caja Madrid, Bancaja, Caja Avila, Caja Segovia, Caja Insular de Canarias, La Caixa and Caja Rioja Laietana. The capital that these entities contributed to the merged group has disappeared because it was meant to stem losses. The fall of these entities will be a huge capital loss and damage its social work.
The errors that have killed BFA-Bankia start out with the merger of entities with more brick on their balance sheets (Bancaja and Caja Madrid), although in 2010 and was peering to the housing crisis was here to stay. They also had a large stake in the business with immigrants. Boxes were almost monoculture: mortgage, real estate financing and strong promoter and shares traded. At a stroke, the wind changed and all the advantages of this business became lead. The mortgages lost their profitability, real estate was all defaults and the stock market sank. Were entities that did not generate net interest income. For example, for years, at the time of Miguel Blesa, Caja Madrid lived almost exclusively on dividends from Endesa.
Too much easy money caused them to neglect the profitability, productivity and net profit was obtained with the banking business. When it came time to make large provisions to close holes in the brick, the bottom line dried. Now all are problems. The group was saved if he had accepted the merger with La Caixa, in January, but refused by Rato power problems Isidro Faine, president of the Catalan. Maybe now regrets his decision.
Nationalization means switching off the flagship of the PP and where more charges have placed. However, the fear of intervention from Spain, the risk premium on 458 points, has forced the most drastic measure.
スペイン政府は、BANKIAの親銀行のBanco Financiero y de Ahorros(BFA)の100%の国有化を決定、BANKIAの45%の株
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