Hi Orinoco - hope you are enjoying the good weather in Spain, lowest May temps in Perth forwaiting to happen. 100 years 1.7C. Will need to come back to sunny Europe -- well have had a moment to think and think I'll stay put.
On Bankia - I'm currently reseaching problem Companies to write case studies for MBA students to study. The more info that I get about Bankia is it was an accident waiting to happen.
In addition to the money they are asking for they have now put into the latest accounts 15.6 bn of provisions against future losses. The revised accountsfor 2011 now show a nettrading loss of 2.9 bn against a loss origionally reported as 209M.
In addition the parent is selling off assetts including holdings in NH Chain, Iberodola, Indra Sistemas and IAG.
Clearly the state of this Bank is worse than anyone thought no wonder the shares were downgraded to junk.
Is this the end or is there still further bad news to come from the Spanish banking sector?