MADRID | By Julia Pastor | The UK is the European country which has given more financial support to its banking sector with €82.000 millions since 2008, followed by Germany (€64.000 millions), Ireland with €63.000 and Spain with €60.000, according to an European Comission’s report.
VALENCIA | By XTB analyst Miguel Rodríguez | The word is communication, one of the saddest failures of European politicians in general, who should take note of the Federal Reserve governor Ben Bernanke’s skills.
MADRID | By Luis Alcaide | Álvaro Rengifo, board director at Bankia, said in a interview with The Corner that Spanish banks were ahead of their European counterparts in acknowledging the weaknesses in their balance sheets.
MADRID | BFA-Bankia Group disposed of more than 5,600 foreclosed properties and subrogated 9,000 developer assets. Sales topped 1,600 million euros.
MADRID | Troubled entity Bankia became Friday the first Spanish bank to auction properties from development companies, besides real estate assets from its own portfolio. Discounts were up to 60%.
The new set of rules on restructuring and liquidation of ailing banking institutions planned to be approved next Friday confers full command to the Spanish government. The Bank of Spain will exclusively identify solvency failures and pit in place an early warning mechanism to redress potential deviations. But once public money is involved the task is conferred to a formally independent body, the FROB, but under tight governmental control. Politicians…
FLORIDA | with informations from Brian Bandell | City National Bank of Florida reported improved earnings in the second quarter of the year as it announced plans for four new branches. The Miami-based bank earned $10.3 million in the second quarter, up from $9.4 million in the first quarter. Its net interest income grew to $30.6 million in the second quarter from $30.2 million. Still, figures are 8.8 percent lower than last year in the same…
MADRID | Bankia shares seem to have become a toy amid high volatility on the Madrid stock market index Ibex35. This week so far the entity suffered a -16.08 percent loss of price in two consecutive sessions, after the State fund for banking restructuring FROB announced that stockholders will be partially shouldering, too, the costs of the rescue of the bank with taxpayer money. Banco de Valencia stock fell by -23.8…
MADRID | Habitat Bankia, BFA Group-Bankia’s property company, announced it has sold over 2,400 real estate assets between January and June of this year. The value of these operations amounts to €230 million. These units from foreclosed assets and the pace of divestment reflects an increase of 17% year on year. In a market environment characterised by continued declines in sales and purchases, the decision of downsizing its real estate…
MADRID | The Spanish government had good reasons to avoid Mr Ordóñez’s appearance in the parliamentary committee reviewing Bankia’s plight. His cold determined performance flatly exposed gross government failure in addressing the financial crisis. His indictment was based on the nagging fact Spain risk premium ranked last December markedly lower than Italy’s and now even Ireland shows a better record. He accused the government of leaving aside the Bank of…