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Spain's Bankia plunges on reports of massive withdrawals
brit1234
Posts: 5,385 Forumite
Spain's Bankia plunges on reports of massive withdrawals
Shares in Spain's Bankia, taken over by the state because of its troubled loans, plunged today after a newspaper said that clients had withdrawn more than €1 billion in the past week.
Shares in the bank, created in 2010 from a merger of seven savings banks, dropped by 27.49% to 1.2 euros in early afternoon trading, less than one-third of their value of 3.75 euros when the shares were listed on July 20, 2011.
The daily newspaper El Mundo reported today that Bankia managers told the board that in the past week, the bank had lost a "similar amount" of deposits as the €1.16 billion withdrawn by clients in the first quarter of the year.
http://www.rte.ie/news/2012/0517/spains-bankia-plunges-on-report-of-massive-withdr.html
http://www.guardian.co.uk/business/2012/may/17/eurozone-crisis-cameron-greece-euro-exit
Picture was one I made up 4 years ago, now other sources are using it as real, whoops.;)
Shares in Spain's Bankia, taken over by the state because of its troubled loans, plunged today after a newspaper said that clients had withdrawn more than €1 billion in the past week.
Shares in the bank, created in 2010 from a merger of seven savings banks, dropped by 27.49% to 1.2 euros in early afternoon trading, less than one-third of their value of 3.75 euros when the shares were listed on July 20, 2011.
The daily newspaper El Mundo reported today that Bankia managers told the board that in the past week, the bank had lost a "similar amount" of deposits as the €1.16 billion withdrawn by clients in the first quarter of the year.
http://www.rte.ie/news/2012/0517/spains-bankia-plunges-on-report-of-massive-withdr.html
http://www.guardian.co.uk/business/2012/may/17/eurozone-crisis-cameron-greece-euro-exit
Picture was one I made up 4 years ago, now other sources are using it as real, whoops.;)
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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Alberto Gallo, head of credit research at Royal Bank of Scotland told the BBC: "The problem is Spanish banks are too large for the government to bear all of their weight."
"You [the Spanish government] need to make a choice and just protect stronger banks, otherwise Spain will go the way of Ireland - having to do a lot of austerity and potentially incurring losses for bank bondholders," he said.
I always thought selling off British banks to Santander was a bad idea.
Its going to get messy. Does anyone think things are escalating really fast now. All the previous interventions have just delayed this day coming to protect wealthy investors.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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The 2 bigger Spanish banks are in a much stronger position because of their wider diversity. The capital flight from the crap banks should end up there.
The UK arm of Santander is strong and could easily exist as a separate entity.
I also think the "big grin" is in poor taste, regardless of your feelings this is going to hurt a lot of people and being happy about that is somewhat twisted.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Overmighty subjects, 21st-century style. So much for small government. Cut taxes, leave everything to the private sector, private sector screws up, needs government help, government hasn't got the resources."The problem is Spanish banks are too large for the government to bear all of their weight."
Governments need to be big enough to manage and control the private sector, and then rescue it when it falls over. And never become dependent on it or allow it to call the shots."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Government spending in most countries is at or near an all time high for peace time.0
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Governments need to be big enough to manage and control the private sector, and then rescue it when it falls over. And never become dependent on it or allow it to call the shots.
No different to any other "outsourcing" in that it needs to be effectively managed, monitored and under timely review/audit and insurance/continuing risk assessment.
By the time you've done all that begs the question why you outsourced in the first place."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Government spending in most countries is at or near an all time high for peace time.
Make no mistake, war is coming.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
The 2 bigger Spanish banks are in a much stronger position because of their wider diversity. The capital flight from the crap banks should end up there.
The UK arm of Santander is strong and could easily exist as a separate entity.
I also think the "big grin" is in poor taste, regardless of your feelings this is going to hurt a lot of people and being happy about that is somewhat twisted.
Really, that is why they bought failed British banks with bad loans? I wouldn't call that strong at all. If they are so strong then why have the British arm reduce mortgage lending by £10 Billion this week?
As for the smiley face jab that's a bit rich from some one posing as a financial advisor or advising bad practice. Here is the thread you were caught out on:
https://forums.moneysavingexpert.com/discussion/3956169
I smile as this is the start of big correction which has been holding back our economy and starting sustainable growth. Keeping a zombie system together is not the answer. We want/need a healthy economy.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Really, that is why they bought failed British banks with bad loans? I wouldn't call that strong at all. If they are so strong then why have the British arm reduce mortgage lending by £10 Billion this week?
As for the smiley face jab that's a bit rich from some one posing as a financial advisor or advising bad practice. Here is the thread you were caught out on:
https://forums.moneysavingexpert.com/discussion/3956169
I smile as this is the start of big correction which has been holding back our economy and starting sustainable growth. Keeping a zombie system together is not the answer. We want/need a healthy economy.
You're an idiot and have no concept of what is a bad bank. Just to clarify, they bought Abbey (not a bad bank), A&L (already owned by Abbey, also not a bad bank) and B&B (who had a bad mortgage book which guess what SANTANDER DIDN'T BUY). You are an absolute grade A moron.
Caught out on that thread? Rose tinted glasses mate or just blind? I kicked !!!, taught people the meaning of debt, my advice was spot on and I stand by it.
You may understand that if you ever manage to find a girl who can spend more than 5 minutes with you and want to start a family.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
As for the smiley face jab that's a bit rich from some one posing as a financial advisor or advising bad practice. Here is the thread you were caught out on:
https://forums.moneysavingexpert.com/discussion/3956169
That being just one of them!
Mortgage rates won't rise without BOE rates rising, we'd be idiots to think that!!
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