Spain to pump billions in to Bankia

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04-09-2012 08:35

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Spain's FROB (Fund for Orderly Bank Restructuring) has announced details of its widely expected cash injection into troubled lender Bankia.

The FROB intend to inject €4.5bn euros in capital into the BFA-Bankia group "in order to reestablish required capital levels." The funding will be provided through a share issue that will be fully subscribed by the FROB.

This action is pending approval from the Bank of Spain, the Ministry of Finance and authorisation from the European Commission. The FROB also notes that the €4.5bn is "an advance on the financial assistance which it has agreed to with the Eurogroup as part of the group's restructuring and that the final total needed will be determined in the following weeks."

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