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Spain's Bankia loses 4.45 bn euros in first half of 2012

AFP - Aug 31, 2012

Spain's rescued lender Bankia said Friday it had lost 4.45 billion euros ($5.6 billion) in the first half of 2012, prompting an immediate promise of state cash.

Created with fanfare in 2010 from a merger of seven troubled regional savings banks, and then listed on the market in July 2011, Bankia's fortunes have collapsed in dramatic style.

A year ago, it was reporting first-half profits of 205 million euros.

But in May it was nationalized after saying it would need a total 23.5 billion euros to salvage its balance sheet, loaded with risky loans that had turned sour after the 2008 property crash.

Bankia's woes exposed the scale of the problems in Spain's banks, and pushed Prime Minister Mariano Rajoy's government to seek a eurozone loan of up to 100 billion euros to rescue the industry.

Read Full Article from AFP

- Posted: 2012-08-31 14:20:39


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