Arab Today, arab today spanish banking giant announces €19bn losses for 2012
Last Updated : GMT 07:18:58
Arab Today, arab today
Arab Today, arab today

Bail-out restructuring could lead to 4500 job cuts

Spanish banking giant announces €19bn losses for 2012

Arab Today, arab today

Arab Today, arab today Spanish banking giant announces €19bn losses for 2012

Bankia has become a symbol of Spain’s recession-racked economy
Madrid - Arabstoday

Bankia has become a symbol of Spain’s recession-racked economy Bailed-out Spanish banking giant Bankia suffered a loss of €19bn ($25bn) in 2012, it said in an earnings statement on Thursday, AFP has reported. Bankia, which has become a symbol of Spain's banking collapse, said the losses were in line with its expectations after the Spanish government nationalised it in May.
In December it received €18bn in eurozone aid to restructure it.
Bankia's chairman Jose Ignacio Goirigolzarri said that despite the net losses of €19.193bn the bank's financial situation was in line with its aims.
"We have a very solvent balance sheet. We are a tremendously solvent and solid entity," he told a news conference.
The European Commission approved the payment of €18bn to rescue Bankia, obliging it to restructure by closing branches and cutting jobs.
The bank has announced it will close a third of its branches. Unions say the restructuring will lead to 4,500 job cuts.
A long recession brought on by the collapse of a building boom in 2008 left Bankia saddled with unpaid loans.
In Thursday's earnings report BFA-Bankia, the financial group that includes the troubled lender, said it made provisions of €26.8bn in 2012.
It offloaded €22.3bn orth of bad property-linked assets to a "bad bank" set up to purge the bad loans of Spain's banks. Of this figure, 19.5bn were from Bankia.
After the government stepped in to rescue Bankia by nationalising it, Spain then had to seek a broader bailout for its whole banking sector from the eurozone.
The recession has driven Spain's unemployment rate to 26 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish banking giant announces €19bn losses for 2012 Arab Today, arab today spanish banking giant announces €19bn losses for 2012

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish banking giant announces €19bn losses for 2012 Arab Today, arab today spanish banking giant announces €19bn losses for 2012

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday