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Spain Sets Plan to Compensate Savers Who Bought Bank Shares
Keywords:
About 700,00 depositors in Spain's banks, including Bankia and regional banks, converted their deposits, including life savings, into high yielding preferred shares in the last decade. The banks raised about 22 billion euros to help recapitalize. The sharp decline in value of the shares made it impossible for depositors to resell them. After the eurozone crisis with EU aid to Spain to recapitalize banks, the EU stated the depositors would have to take some losses. Now the two main parties, the Socialists and the Partido Popular are passing legislation to compensate the depositors after angry protests throughout Spain. Banks will use part of the 37 billion euros of loans from the EU to settle the arbitration cases.
Efforts in Spain to compensate the 700,000 depositors who bought preferred shares in Bankia and other regional banks
07/01/2011
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Wall Street Journal 09/03/2012
Spain Sets Plan to Compensate Savers Who Bought Bank Shares
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Wall Street Journal 03/01/2013
Spain's banks conversion of deposit holders into equity holders and the risks associated with this move.
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Spain's Bankia Returns to Profit
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Spanish Banks Find New Source of Capital Comes With New Kind of Risk
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Spain's Bank-Investor Ties Stir Worry
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Spain Tries to Calm Fears About Ailing Lender
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Initial public offering planned for Spain's Bankia bank
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Efforts to recapitalize Spain's savings banks.
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 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
In Spanish, Bankia Starts Wooing IPO Investors
Wall Street Journal 07/01/2011
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