Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain's bank bailout fund FROB books loss of 1.7 bln euros in 2016

Source: Reuters - Fri 30th Jun 2017
Spain's bank bailout fund FROB books loss of 1.7 bln euros in 2016

Spain's bank bailout fund FROB said on Friday it had booked a loss of around 1.7 billion euros in 2016, compared to 1.5 billion a year earlier, due to a valuation cut of its state-controlled lenders BFA-Bankia and BMN.

FROB said it had cut its valuation of both lenders by 1.39 billion euros, with BMN accounting for more two-thirds of that.

Earlier this week, Bankia and BMN agreed to a 7.8-for-1 share swap deal, valuing BMN at around 825 million euros, or 0.4 times book value. That was below market expectations of between 0.45 to 0.6 times book value, according to Deutsche Bank and UBS analysts.

As a result of the FROB's latest valuation, the state's 65% in BMN is worth around 536 million euros compared to the 1.6 billion euros originally injected, a potential 1 billion euro loss on its investment.

The state plans to recover some public funds injected into the Spanish banking sector through partial divestment by Bankia, which could take place later this year.

The FROB is expected to control around 66.6% of the new merged entity.

Recommended Reading :

* Bank of Spain says structural reforms needed to further reduce deficit

* Spanish Bank bailout cost taxpayers EU41.8 Bln

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.