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Rodrigo Rato Resigns as Executive Chairman of Bankia
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Former finance minister, Rodrigo Rato, resigns as executive chairman of Spain's Bankia bank. Spain's Bankia bank is believed to be one of the banks mentioned by the IMF that will need government help to address 32 billion euros in bad loans. Bankia bank is the result of consolidation in 2010 of seven of Spain's Cajas savings banks in a government led restructuring. Bankia is expected to get 7-10 billion euros from the government in the form of convertible bonds. The government gave $4.5 billion to Bankia to absorb some of the losses in 2010. Bankia made an IPO offering in 2011 in 3.3 billion euro listing. Since then the shares have lost one third of the value. Experts are uncertain about the extent to which this will restore confidence.
A detailed account of the unfolding crisis at Bankia bank in Spain during 2011-2014
04/01/2009
An account of the key players and the ufolding of critical events in the IPO offering for Bankia, and the unraveling of the bank in the months that followed, as the Spanish regulators and government failed to get a handle on problems and instead put their hope on an improving economy. On May 3, Mario Draghi warned about the problems at Bankia in Barcelona. On May 4, the heads of Spain's largest banks BBVA, Banco Santander and Caixa, told the government it had to takeover Bankia, setting in process the events leading upto the acceptance of $125 billion in EU aid to recapitalize Spain's banking system. Bankia was put together from seven failing cajas savings banks. The problems related to the housing bubble are seen throughout the cajas savings banks.
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The Pain in Spain Falls Mainly on the Cajas
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Jaime Caruana, Rodrigo Rato and Vinals are senior Spanish banking officials who worked for the central bank and at the IMF. Caruana is head of the Bank of International Settlements in Bases (BIS), and Vinal heads a department at the IMF. Rato resigned from Bankia bank after its takeover by the government. Experts say they failed to exercize proper oversight of Spain's banking system and in their positions at the IMF failed to draw early attention to the problems.
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Spain's Bankia Returns to Profit
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Rodrigo Rato Resigns as Executive Chairman of Bankia
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Spanish Officials Hailed Banks as the Crisis Built
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Efforts to recapitalize Spain's savings banks.
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Spanish Banks More Vulnerable Than Italy's
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Investors in Bankia to Sue Bank of Spain Over Losses
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Spain Launches Privatization of Bankia
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A Former IMF Leader Tackles IPO Challenge
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In Spanish, Bankia Starts Wooing IPO Investors
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Bankia management
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Investors in Bankia to Sue Bank of Spain Over Losses
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Spain's Bankia Returns to Profit
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Spain and default on residential mortgages
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The housing market and banks in Spain, and the extensive system of mortgage modification in place to mitigate housing losses.
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Leading the Charge Against Spainâs Mortgage Crisis
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Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
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Spain's cleanup of bad bank assets under prime minister Rajoy in 2012-2013
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Risks associated with Spanish and Italian banks increased holdings of government debt in 2012
07/13/2011
Spanish and Italian banks bought a large portion of the goverment bonds of their countries under the Long Term Financing Operation launched by ECB chairman Mario Draghi in Dec. 2011. This calmed the financial markets by lowering the bond yields for Spain and Italy, but raises new risks as analysts focus on the risks of the deficit and declining economy in Spain.
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Return of Long-Term Bond Buyers Seen as Crucial to Europe
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Spanish and Italian Banks, Once More Buying Bonds, Seen as Vulnerable
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Efforts in Spain to compensate the 700,000 depositors who bought preferred shares in Bankia and other regional banks
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Grouped Articles
Investors in Bankia to Sue Bank of Spain Over Losses
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Spain's Bankia Returns to Profit
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Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Wall Street Journal 09/03/2012
Spain Sets Plan to Compensate Savers Who Bought Bank Shares
Wall Street Journal 01/30/2013
Wall Street Journal 03/01/2013
The recovery at Spain's Bankia bank after the bailout
05/07/2012
Shares of Bankia reached 1.31 euros in Jan 2014. The government valued each share of Bankia at 1.35 euros at the time of the government bailout of Bankia. The government has till 2017 to sell its 68% stake in Bankia under the eurozone banking bailout. Much remains to be done to complete restructuring of the bank including recovering losses in a separate "bad" bank. Shares of Bankia were up 65% since Sept. 2013.
Grouped Articles
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Spain Launches Privatization of Bankia
Wall Street Journal 02/28/2014
What Spain owes the ejected Mariano Rajoy
The Economist 06/11/2018
Spain's Bankia bank
10/02/2010
The consolidation of a number of Spanish savings banks under government direction led to the creation of Bankia, Spain's third largest bank. Efforts to recapitalize these banks which have large accumulated large debt from the real estate boom is part of the Spanish government's effort to tackle the debt crisis facing Spain. Rodrigo Rato, a former finance minister and managing director of the IMF, heads Bankia and the effort to restore confidence in Spain's banking system.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spain Launches Privatization of Bankia
Wall Street Journal 02/28/2014
A Former IMF Leader Tackles IPO Challenge
Wall Street Journal 06/08/2011
Spain's banks
07/09/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
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Spain's banks: Two cheers, three tiers
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Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Loan Growth Suffers at Spanish Banks
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Spain to Approve Cajas Regulatory Overhaul
Wall Street Journal 07/09/2010
Crisis Awaits Worldâs Banks as Trillions Come Due
New York Times 07/11/2010
Spain's Cajas savings banks
02/25/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
New York Times 05/17/2013
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's cajas: Thinking outside the box
Economist 07/31/2010
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Bad loans in Spain's banking system from the housing bubble
04/04/2009
Grouped Articles
Wall Street Journal 09/28/2011
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
Economist 04/04/2009
Spanish House Prices Decline Again
Wall Street Journal 05/28/2014
Spain Still Suffering Fallout From Housing Bust
Wall Street Journal 05/28/2014
Spain's recapitalization of Bankia Bank with 9 billion euros in May 2012
05/07/2012
Linked Articles
Spain to Recapitalize Bankia in Latest Bailout
Wall Street Journal 05/24/2012
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
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