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Bankia of Spain seeking bailout 19 billion Euros

By Alen Felix Subscribe to RSS | June 7th 2012 | Views:
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Bankis, the biggest bank of Spain made an announcement just a few days back that they will be asking for 19 billion euros that 24 billion dollars. This is going to be the largest ever bailout till sate that any bank has asked the government for in the history of the country.

This bank has around 10 per cent of the bank deposits of the nation. They said that this request which they have put forward is going to be a part of recapitalization plan for which there has been an agreement in their bank meeting which they had done just a few days back. This decision of the bank has the backing of government as well as The Bank Of Spain. After filing a regulation, the officials said that this plan is going to identify the capital needs of around 19 billion euros that is in a sum totality be covered by the state.

The government of the country had already spent 4.5 billion euros on their biggest Bankia earlier also in this very month at the time they had it partly nationalized the lender. After this the state had taken the control of the bank by 45 per cent by transforming a loan for the very same amount onto its parent group in the form of equity which is Banco Financiero de Ahorros that is BFA.

The bailout which as been requested by Bankia a few days back us going to bring to them a sum total of 23.5 billion euros which is going to be given out by the government of Spain in order to rescue the bank. This bank had come into formation in the year 2010 after which there was a merger of around 7 savings bank which were in a lot of trouble in their own region.

The banks of Span are living on the edge of the country, which comes on the fourth ranking as far as the sizes of the economy in the euro zone region is concerned. It is quite possible that the country may have to ask for a financial bailout on the international level. Need cash apply with instant loans for bad credit @ http://www.instantbadcreditloans.co.uk/instant-loans-for-bad-credit.html and get money despite having adverse credit rating.

Just a few weeks back Luis de Guindos¸ Economy Minister, had given an estimation that Bankia is going to require around 7 billion euros in order to some out of financial trouble but the government is going to give them the amount which they need at any given point.

Alen Felix - About Author:
Alen Felix is a expert financial adviser currently he is living in London UK, he wrote a article on instant bad credit loans, instant loans for bad credit, bad credit loans, instant loans, instant decision loans and bad credit loans instant decision

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