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Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern

Tyler Durden's picture


The only thing funnier than a nationalization statement spun as positive, or favorable for taxpayers, is one that has been Google translated, in this case from Spanish, courtesy of Bank of Spain, which has just formally bailed out Bankia, leaving the best for last: "In any case, BFA-Bankia is a solvent entity that continues to function quite normally and customers and depositors should have no concern." Move along. Nothing to see here. Nobody should be concerned.

From de Bank of Spain:

Statement on BFA-Bankia

The Board of Finance and Savings Bank (BFA) announced today the Bank of Spain its decision not to buy in the terms and conditions agreed to the securities issued in the amount of € 4.465m who signed the FROB (Bank Restructuring Fund). BFA has concluded that the most desirable to strengthen the soundness of the business project that began with the appointment of Jose Ignacio Goirigolzarri as president is to request the conversion of these titles in stock ordinary. This conversion must be authorized by the Bank of Spain and the other authorities Spanish authorities and community and will be conducted in accordance with the valuation process established in the indenture securities.

The Bank of Spain has worked hard in recent months with the group address BFA-Bankia to specify the measures to ensure compliance with the provisions of the RD-l 2/2012 for the sanitation Spanish financial system. BFA-Bankia late March presented a restructuring plan and restructuring that included measures that would comply with the RD-l, and standardize its financial  position.

After analyzing this reorganization plan, the Bank of Spain also ordered the entity measures complementary to streamline and strengthen management structures and management, increasing professionalization and a divestment program. These additional actions should serve to enhance the soundness of the institution and restore market confidence. The events of the past weeks and the growing uncertainty about the future of the company has made it advisable to go further and raise the providing resources to accelerate and increase public sanitation.

The changes in the presidency of BFA-Bankia is precisely oriented in the direction shown in professional management and allow the group to boost its restructuring program. The new address of the entity must submit in the shortest possible plan of reorganization strengthened that places BFA-Bankia able to cope with a full guarantee its future.

In any case, BFA-Bankia is a solvent entity that continues to function quite normally and customers and depositors should have no concern.


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Wed, 05/09/2012 - 15:46 | 2411066 EscapeKey
EscapeKey's picture

Nationalization is so hot right now.


Japan to nationalize Tepco for ¥1 trln: reports


SAN FRANCISCO (MarketWatch) -- The Japan government on Wednesday approved a plan to nationalize Tokyo Electric Power Co.TKECY 0.00% JP:9501 0.00% , the operator of the Fukushima Daiichi nuclear facility, in exchange for a capital injection of 1 trillion yen ($12.55 billion), according to media reports. The restructuring plan will put Tepco under government control with the aim of restoring profitability within two years, the reports said. The Japanese government will also have an option to increase its ownership up to two-thirds majority if the utility company fails to meet its targets, The Wall Street Journal said.

Wed, 05/09/2012 - 15:56 | 2411103 GeneMarchbanks
GeneMarchbanks's picture

It's going viral.

Meanwhile Spain might as well nationalize Santander and tell everyone that they have no real estate exposure.


Wed, 05/09/2012 - 15:59 | 2411143 NotApplicable
NotApplicable's picture

Nobody expects the Spanish Acqusition!

Wed, 05/09/2012 - 16:12 | 2411195 ChrisDG74
ChrisDG74's picture

That was just fucking brilliant! I wish I could "up" you more than once.

Wed, 05/09/2012 - 16:26 | 2411226 TheGardener
TheGardener's picture

Socialismo o muerte!

It still reads on some Cuban walls.

Spaniards have a very dark humor and the rest of Europe
never stopped being socialist.

Wed, 05/09/2012 - 16:30 | 2411237 A Nanny Moose
A Nanny Moose's picture

I c wut ya did thar!

Wed, 05/09/2012 - 16:00 | 2411151 EscapeKey
EscapeKey's picture


1. Setup fund external to company (but wholly owned).
2. Transfer troubled assets to said fund.
3. Claim that you have no real estate exposure.

Sort of equivalent to Bernanke claming he "does not print money", ie rhetoric, a technicality, a play on words, a blatant lie.

Wed, 05/09/2012 - 16:02 | 2411159 Ag1761
Ag1761's picture

GeneM, what do you know about Santander, any sources of their troubles appreciated. I have some contacts in Spain I know still hold a lot of fiat with them, keep telling them to GTFO. Is their UK operation slightly "safer" for a move, temporarily?


Wed, 05/09/2012 - 16:40 | 2411258 TheGardener
TheGardener's picture

Ag , as in respect to the "UK operation slightly safer"
be reminded of Argentina where the "smart" money had dollar
accounts at foreign affiliates of Citi and the like...all got screwed

Wed, 05/09/2012 - 16:54 | 2411316 TheGardener
TheGardener's picture

Not so smart money I meant, the less dumb went to Uruguay but were treated like beggars with just a million to put
somewhere save because Brazilians at the time , with just
the prospect of a socialist leaning government, lined up
to get 10 offshore and if they where from Rio or even Sao Paulo more likely with a cool one hundred .

Those where the days. Now there is nowhere safe and a
million could buy you a loaf of bread 4 years on.

Wed, 05/09/2012 - 17:42 | 2411440 Ag1761
Ag1761's picture

Thanks TG, gulp. Personally I have been considering an offshore stash of cash or a basket of foreign currencies (cash) but not an area I have experience of.

I have a fair %age of phyzz which I feel ok about, also land and bricks and mortar, no debts. While this is ok they can always be taken away from me. I still have a load of digits in a few UK banks. This is worrying me now. I have noticed many people suddenly begin to wake up to the Euro issues now wheras one, two years ago, same people just stared at me blankly when discussing such talk.

Wed, 05/09/2012 - 18:57 | 2411606 smiler03
smiler03's picture

 "How safe is Santander? 

Santander in the UK is part of the Santander Group, which also owns Banco Santander, the largest bank in the eurozone and a cornerstone of the Spanish economy. 

However, the UK arm operates as an entirely separate business to its Spanish sister. This prevents problems in Spain affecting British customers, it says. 

A Santander spokesman says: ‘Santander’s UK business is strong and has a standalone credit rating which is one of the highest credit ratings of any UK bank.’"

declaration: I bank with Santander UK plc

Wed, 05/09/2012 - 22:23 | 2412004 Ned Zeppelin
Ned Zeppelin's picture

Translation: you are completley f*cked if you have deposits at Santander.  GTFON.

Thu, 05/10/2012 - 00:50 | 2412265 CompassionateFascist
CompassionateFascist's picture

My Us Silver Eagles are extremely safe. But only if I secure them with lead.

Wed, 05/09/2012 - 17:52 | 2411457 rabbitusvomitus
rabbitusvomitus's picture

I just found out from my "lovely" Sovereign Bank Teller today, that Sovereign Bank will now be "officially" taken over as a whole and be renamed, yup you guessed, Santander!

Just Great! So the Spainards fucked up their banks, now they're gonna come here and fuck up ours!, oh..wait, ahh yeah, nevermind...

Wed, 05/09/2012 - 16:32 | 2411238 LongSoupLine
LongSoupLine's picture

I just went long ATM parts suppliers...

Wed, 05/09/2012 - 16:32 | 2411241 TheGardener
TheGardener's picture

People across Europe will be told they have no real estate
and all savings are gone. Only private debts are there to stay. US likewise of course except student debt, which
will be counted triple for good measure.

Wed, 05/09/2012 - 16:30 | 2411236 Not Too Important
Not Too Important's picture

What forward thinking. As soon as the uranium and plutonium is scraped from the earth, after Tokyo is completely rebuilt (the entire city would be considered nuclear waste in the US), and the other 14 NPPs and SPFs in various states of destruction are cleaned up, after the 6,000+ nuclear bombs worth of radiation blown into the atmosphere is removed - all by technology not invented yet - profitibility is right around the corner.

Or, they shove everything into the sea (what they've been doing so far), declare radiation OK if you smile (which they've announced) and have a beauty contest with girls who have only eaten Fukushima food.

I hope they get back from vacation soon. I'd hate to think 'vacation' translated by Google was really 'abandonment'.

Wed, 05/09/2012 - 17:05 | 2411343 buryfarmer
buryfarmer's picture

Spain will need a bailout. 

Wed, 05/09/2012 - 17:16 | 2411354 Arturo
Arturo's picture

And this has been anounced during the UEFA League Final, Atletico Madrid vs Athletic Bilbao. This is HILARIOUS.

Tyler, you should highlight the main sporting events in order to be alert of possible important news in Spain.

Wed, 05/09/2012 - 21:42 | 2411938 palmereldritch
palmereldritch's picture

TEPCO was just following Spain's lead thinking that they too could nationalize radioactive fallout.

Wed, 05/09/2012 - 15:47 | 2411072 Marginal Call
Marginal Call's picture

This is continued retaliation against Argentina, right?

Wed, 05/09/2012 - 15:47 | 2411076 fonzannoon
fonzannoon's picture

Anyone just see Fartiroma go after the occupy guy on CNBS outside of Bank of America? She is evil and awful.

Wed, 05/09/2012 - 16:03 | 2411162 Bam_Man
Bam_Man's picture

That was Maria Bartiromo?

I thought it was Lilly Munster.

Wed, 05/09/2012 - 16:13 | 2411196 blunderdog
blunderdog's picture

Lilly Munster's hot.  Love the streaks, grrl!

Wed, 05/09/2012 - 15:48 | 2411080 Dick Darlington
Dick Darlington's picture

LOL! Add one insolvent zombie to the long list. Btw, our dear old friend Dexia, which has been bailed out 2 times during the last 3-4 yrs, just received fresh 12 billion in central bank ELA funds. But not to worry Dexia too is a solvent entity that continues to function quite normally and customers and depositors should have no concern.


Wed, 05/09/2012 - 15:49 | 2411081 Navymugsy
Navymugsy's picture

I think this is in English but I'm not sure...

Wed, 05/09/2012 - 20:02 | 2411724 John_Coltrane
John_Coltrane's picture

The words, yes, the sentences not so much.

Wed, 05/09/2012 - 15:49 | 2411083 q99x2
q99x2's picture

And will the final ramp of the day be used to sell into?

Wed, 05/09/2012 - 15:50 | 2411088 Doubleguns
Doubleguns's picture

the sanitation Spanish financial system


nuff said.

Wed, 05/09/2012 - 15:51 | 2411097 Gidas19
Gidas19's picture

FBA Bankia shareholders just got punked, no wait... corzined...

Wed, 05/09/2012 - 15:51 | 2411099 monopoly
monopoly's picture


Wed, 05/09/2012 - 15:51 | 2411108 HD
HD's picture

No need for concern. Free toaster with every account seized.

Wed, 05/09/2012 - 15:56 | 2411125 Village Smithy
Village Smithy's picture

How about a free rifle?

Wed, 05/09/2012 - 16:13 | 2411191 TheGardener
TheGardener's picture

"In any case, BFA-Bankia is a solvent entity that continues to function quite normally and customers and depositors should have no concern."

I would translate :

"Whatever happens, BFA-Bankia is a solvent entity that continues to function with ABSOLUTE NORMALITY and her clients and depositors don`t have anything to worry about."

Google translation being quite sophisticated, some of the real spin got lost in translation.

Wed, 05/09/2012 - 15:54 | 2411115 falak pema
falak pema's picture

first sign of rationality; nationalise and take the phukker off the ponzi grid. That's ALL you can do for the time being until the next Hell Bat falls...

Thu, 05/10/2012 - 00:54 | 2412270 CompassionateFascist
CompassionateFascist's picture

Rationality? Insolvent gubmint nationalizes insolvent bank? Prolly not. Just theft at a higher level.  

Wed, 05/09/2012 - 15:55 | 2411116 carbonmutant
carbonmutant's picture

Try not to hyperventilate when taking deep breaths...

Wed, 05/09/2012 - 15:54 | 2411118 distopiandreamboy
distopiandreamboy's picture

In any case Spain is a solvent country that continues to function quite normally and citizens and bond holders should have no concern.


Wed, 05/09/2012 - 20:57 | 2411831 carbonmutant
carbonmutant's picture

Remember the EU stress tests... those were the good old days

Wed, 05/09/2012 - 15:56 | 2411124 youngman
youngman's picture

It is funny...kind I guess the ATM guy is again working his ass off...and the new accounts guy is back to his napping....

Wed, 05/09/2012 - 15:56 | 2411132 The Swedish Chef
The Swedish Chef's picture

I repeat, Bear Sterns is FINE!

Wed, 05/09/2012 - 16:00 | 2411147 NotApplicable
NotApplicable's picture

"We are adequately capitalized, and have no cash flow issues."

Wed, 05/09/2012 - 16:08 | 2411176 Jena
Jena's picture

"No chance the U.S. will be downgraded."

Wed, 05/09/2012 - 16:48 | 2411288 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

"64k ought to be enough for anyone."

Wed, 05/09/2012 - 15:56 | 2411133 LetThemEatRand
LetThemEatRand's picture

Banksters keep their millions of ill-gotten gains, taxpayers get their bad bets.  What a deal!   I wonder why the masses are starting to think that maybe, just maybe they are getting royally fucked.

Thu, 05/10/2012 - 00:57 | 2412274 CompassionateFascist
CompassionateFascist's picture

Yeah...fucked by statists like U. W/o Gubmint to colonize, the Pluto's would be bailing out the windows instead of being bailed out.  

Wed, 05/09/2012 - 15:59 | 2411135 ebworthen
ebworthen's picture

So let me get this straight:

Banks that have to be bailed out by taxpayer money or nationalized outright are solvent?

Would that be like my adult children being self-sufficient because they live in my basement and take the bus?

Wed, 05/09/2012 - 16:04 | 2411164 LawsofPhysics
LawsofPhysics's picture

Yes, please show them to the nearest recruiter so that we may continue to re-hypothicate all of our assets that somehow ended up in other countries.

Wed, 05/09/2012 - 16:54 | 2411295 Kaiser Sousa
Kaiser Sousa's picture

So let me get this straight...Banks that have to be bailed out by taxpayer money or nationalized outright are solvent?


thats shut up and stop thinking....

Wed, 05/09/2012 - 15:57 | 2411140 buzzsaw99
Wed, 05/09/2012 - 15:59 | 2411141 resurger
resurger's picture


Wed, 05/09/2012 - 16:14 | 2411165 Bam_Man
Bam_Man's picture

Anyone with money still sitting in a Greek or Spanish bank account is going to regret it.

They are going to learn what a "Bank Holiday" is, the hard way.

Wed, 05/09/2012 - 16:06 | 2411167 John Law Lives
John Law Lives's picture

Remain calm.  All is well.

Wed, 05/09/2012 - 16:06 | 2411168 ArrestBobRubin
ArrestBobRubin's picture

Spain, as a Dali painting.

Wed, 05/09/2012 - 16:08 | 2411179 ArrestBobRubin
ArrestBobRubin's picture

Load up on Bankia, Cramer's new Hot Tip.... shhh,,,,,

Wed, 05/09/2012 - 16:09 | 2411181 Joebloinvestor
Joebloinvestor's picture

Rearrange the deck chairs while your at it and have the band strike up some good ole national tunes.

They piss and moan when their shit gets nationalized by Argentina, so what gives?

Wed, 05/09/2012 - 16:16 | 2411199 BlandJoe24
BlandJoe24's picture

PASOK/Venizoles, as #3 in the elections, will tomorrow be handed the mandate to form a government.  I'm concerned they could - with just a few more members from another block - band back with New Democracy/Samaras.  How likely/possible is this?

Wed, 05/09/2012 - 19:10 | 2411618 smiler03
smiler03's picture

Zero. ND was already rejected by PASOK, why would PASOK suddenly be OK with ND? It makes no sense at all.

"PASOK has already rejected the idea of forming a ND/PASOK coalition, not only because such a government would not have the absolute majority in a parliament of 300 seats, although they could be theoretically supported by DEMLEFT. Practically DEMLEFT has rejected such a scenario."

Wed, 05/09/2012 - 16:16 | 2411201 FrederickTheGreat
FrederickTheGreat's picture

Dexia anyone? Supposed to bring whole Belgium down. Well, it is still there. Bankia is storm in a teacup.

Wed, 05/09/2012 - 16:59 | 2411327 Piranhanoia
Piranhanoia's picture

The bank is still insolvent, like the country, there is no government by the people, they are being run by NATO and Gollum Sucks for the benefit of the Natotians, and they are still called Belgium.  All their neighbors hate them for being more rude than the French on a really bad day in France.  They speak Phlegmish and the only country that shares their language denies it.

That is a shitstorm that would fill all of my teacups Fred.

Wed, 05/09/2012 - 17:24 | 2411383 Smartie37
Smartie37's picture

Well, well, well, if it isn't my old "friend" L.W. Amazement !?!?!

Keep puttin' that spin out there, someone might swallow it.....until the indigestion HITS

Welcome BACK !

Wed, 05/09/2012 - 17:35 | 2411414 PR Guy
PR Guy's picture

It would be more like the tip of the iceberg I suspect

Wed, 05/09/2012 - 16:15 | 2411202 buzzsaw99
buzzsaw99's picture

It looked bad for the bank until one day there was a fire.

Wed, 05/09/2012 - 16:16 | 2411205 blunderdog
blunderdog's picture


  Naw, just another day of shit.

Votes would be interesting to see.

Wed, 05/09/2012 - 16:21 | 2411208 john milton
john milton's picture

Lot of fireworks here in spain..thought that revolution have started finally but it was sadly only because of feria de mayo...

Wed, 05/09/2012 - 16:23 | 2411212 Kaiser Sousa
Kaiser Sousa's picture

Spain nationalizing banks????

dont trip!!! its all good....we got this bitch!!!


The Bankers.....




Wed, 05/09/2012 - 16:24 | 2411215 Zymurguy
Zymurguy's picture

The US Govt. will "nationalize" Freddie and Fannie... then:

All your Houses are belong to U.S.

Wed, 05/09/2012 - 17:36 | 2411417 bdc63
bdc63's picture

the US government already has nalionalized Fannie and Freddie


Wed, 05/09/2012 - 16:25 | 2411218 spartan117
spartan117's picture

Does nationalization avoid declaring a default event on CDS?

Wed, 05/09/2012 - 19:05 | 2411622 smiler03
smiler03's picture

Durrr. They have been nationalized to avoid default. No trigger on a non event.

edit: except when the Sovereign state defaults.

Wed, 05/09/2012 - 16:25 | 2411220 NEOSERF
NEOSERF's picture

The transfer of risk from the private banking sector to government spreadsheets will continue until banks, airlines and any other important sector on the verge of full blown insolvency are supported by tax revenue and bond sales (ie. printing).  This may go on for another 20 years but we will all look like Argentina at some point...can imagine a President in 2020 bedeviling the Exxons and Arch Coals at some point and requiring them to be nationalized for national security reasons (ie. we couldn't pay the bills without them)...then they will come for your have been warned

Wed, 05/09/2012 - 16:26 | 2411221 max2205
max2205's picture

Cool nationalize everthing...close the markets for good and you all get on with something productive for the rest of your lives. Quit your bitching and enjoy the UTOPIEA(H)...  :)

Wed, 05/09/2012 - 16:37 | 2411251 Anglo Hondo
Anglo Hondo's picture

Sanitation....  as in easily flushed.  But nobody wants to see it go round the bend.  It just will.


Wed, 05/09/2012 - 16:39 | 2411263 Piranhanoia
Piranhanoia's picture

Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Soylent", Adds There Is No Cause For Concern

fixed it.

Wed, 05/09/2012 - 16:43 | 2411278 Hobbleknee
Hobbleknee's picture

These aren't the droids you're looking for.

Wed, 05/09/2012 - 16:46 | 2411280 Badabing
Badabing's picture
Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern Move Allong


Fixed it

Wed, 05/09/2012 - 16:44 | 2411281 slackrabbit
slackrabbit's picture

dear god

can you slow down abit? 

we haven't finished stacking.




ps take care of ben and his printer...

Wed, 05/09/2012 - 16:51 | 2411301 Sweet Chicken
Sweet Chicken's picture

I for one believe them.

Wed, 05/09/2012 - 16:58 | 2411326 Let The Wurlitz...
Let The Wurlitzer Play's picture

I thought that if Spain was going to nationalize a bank they might nationalize a bank from Argentina.  Oh well, stupid me.


Wed, 05/09/2012 - 17:00 | 2411329 hugovanderbubble
hugovanderbubble's picture


Banco POPULAR Is in default

Wed, 05/09/2012 - 17:11 | 2411352 michael_engineer
michael_engineer's picture

Probably a sly move somehow to capitalize on asteroid mining for space rubies and make a fortune.

Wed, 05/09/2012 - 17:28 | 2411392 SRVDisciple
SRVDisciple's picture

I got it.

They're using "solvent" in the chemical sense. They mean to use it to dissolve toxic asssets.

.... must be a Spanish-English translation thingy ...

Wed, 05/09/2012 - 17:30 | 2411400 PR Guy
PR Guy's picture

I still haven't quite rationalised how you 'partially nationalise' a bank. It sounds like being a 'little bit' pregnant.



Wed, 05/09/2012 - 18:57 | 2411611 Joe The Plumber
Joe The Plumber's picture

Just the tip babe.

I promise no more

Wed, 05/09/2012 - 19:06 | 2411628 smiler03
smiler03's picture

Government buys 49% of shares of bank. Part nationalized.

Wed, 05/09/2012 - 17:56 | 2411464 junkyardjack
junkyardjack's picture

Well now that that's done...Bullish!

Wed, 05/09/2012 - 23:58 | 2412191 WallowaMountainMan
WallowaMountainMan's picture

say, don't bad mouth nationalization! i'm all for it. nationalize everything. anyone who wants to leave is welcome to. just leave broke. divy up the 1%'s stuff equally per man woman child american, get mexico and canada to do the same and katie bar the door. anyone who lives on the north american continent knows with certainty that this continent can wonderfully support everyone who lives here. great continent, great range of climate, resources and not tooo many people.


ok, ok ....tough to implement, but darn, it's good enough to try out. once.

Thu, 05/10/2012 - 04:22 | 2412448 Simplifiedfrisbee
Simplifiedfrisbee's picture

Transfer the wealth, keep the money.

Sun, 05/13/2012 - 23:26 | 2422665 qiongqiong
qiongqiong's picture

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