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Bankia needs another 7-7.5 billion euros of public funding
By:
ThinkSpain , Monday, May 21, 2012

BFA-Bankia,  the bank in which the Spanish government recently took 4.5 billion euro stake, needs an additional 7-7.5 billion euros to get it back on its feet, according to Economy Minister, Luis de Guindos.

Over the past few days, the new chief executive of BFA-Bankia, Jose Ignacio Goirigolzarri, has been working on a viability plan for the bank, which will include a request for additional state aid, in the form of capital investment or share options.

Bankia share continued their upward trend this morning, rising 6.89% to 1.87 euros.

The Economy Minister said today that "Bankia is much more secure than it was a month ago", but admitted that it needed a period of "public support" before being "privatised again".

News broke today that the chief executive of Bancaja, José Luis Olivas, has called a board meeting for 7pm in order to tender his resignation.

Olivas already resigned as vice-president of BFA and of Bankia back in November, after the Banco de España had to rescue the Banco de Valencia, in which Bancaja had a 27% share.

Since the resignation of Rodrigo Rato as chief executive of Bankia a fortnight ago, many sources in the financial world had predicted Olivas's resignation.

 
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