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Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern
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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Nationalization is so hot right now.
http://www.marketwatch.com/story/japan-to-nationalize-tepco-for-1-trln-reports-2012-05-09-153980?link=MW_home_latest_news
Japan to nationalize Tepco for ¥1 trln: reportsSAN 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.
It's going viral.
Meanwhile Spain might as well nationalize Santander and tell everyone that they have no real estate exposure.
FTW!
Nobody expects the Spanish Acqusition!
That was just fucking brilliant! I wish I could "up" you more than once.
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.
I c wut ya did thar!
Simple:
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.
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?
Cheers
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
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.
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.
"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.’"
http://www.thisismoney.co.uk/money/news/article-2131431/Q-A-How-safe-Santander.html
declaration: I bank with Santander UK plc
Translation: you are completley f*cked if you have deposits at Santander. GTFON.
My Us Silver Eagles are extremely safe. But only if I secure them with lead.
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...
I just went long ATM parts suppliers...
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.
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'.
Spain will need a bailout. http://youtu.be/ITx3AJ1eahs
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.
TEPCO was just following Spain's lead thinking that they too could nationalize radioactive fallout.
This is continued retaliation against Argentina, right?
Anyone just see Fartiroma go after the occupy guy on CNBS outside of Bank of America? She is evil and awful.
That was Maria Bartiromo?
I thought it was Lilly Munster.
Lilly Munster's hot. Love the streaks, grrl!
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.
Stabeeleteeeee!
I think this is in English but I'm not sure...
The words, yes, the sentences not so much.
And will the final ramp of the day be used to sell into?
the sanitation Spanish financial system
nuff said.
FBA Bankia shareholders just got punked, no wait... corzined...
LMFAO!!!
No need for concern. Free toaster with every account seized.
How about a free rifle?
"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.
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...
Rationality? Insolvent gubmint nationalizes insolvent bank? Prolly not. Just theft at a higher level.
Try not to hyperventilate when taking deep breaths...
In any case Spain is a solvent country that continues to function quite normally and citizens and bond holders should have no concern.
Remember the EU stress tests... those were the good old days
It is funny...kind of.....so I guess the ATM guy is again working his ass off...and the new accounts guy is back to his napping....
I repeat, Bear Sterns is FINE!
"We are adequately capitalized, and have no cash flow issues."
"No chance the U.S. will be downgraded."
"64k ought to be enough for anyone."
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.
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.
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?
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.
So let me get this straight...Banks that have to be bailed out by taxpayer money or nationalized outright are solvent?
thats right..now shut up and stop thinking....
Veddy interestink:
http://www.youtube.com/watch?v=QczyNaIu9Mo
hahahaha!
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.
Remain calm. All is well.
http://www.youtube.com/watch?v=zDAmPIq29ro
Spain, as a Dali painting.
Load up on Bankia, Cramer's new Hot Tip.... shhh,,,,,
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?
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?
Zero. ND was already rejected by PASOK, why would PASOK suddenly be OK with ND? It makes no sense at all.
http://www.keeptalkinggreece.com/2012/05/09/greece-new-government-or-fresh-elections/
"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."
Dexia anyone? Supposed to bring whole Belgium down. Well, it is still there. Bankia is storm in a teacup.
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.
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 !
It would be more like the tip of the iceberg I suspect
It looked bad for the bank until one day there was a fire.
THIS IS IT! THIS IS THE BIG ONE!
Naw, just another day of shit.
Votes would be interesting to see.
Lot of fireworks here in spain..thought that revolution have started finally but it was sadly only because of feria de mayo...
Spain nationalizing banks????
dont trip!!! its all good....we got this bitch!!!
Sincerely,
The Bankers.....
The US Govt. will "nationalize" Freddie and Fannie... then:
All your Houses are belong to U.S.
the US government already has nalionalized Fannie and Freddie
Does nationalization avoid declaring a default event on CDS?
Durrr. They have been nationalized to avoid default. No trigger on a non event.
edit: except when the Sovereign state defaults.
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 savings...you have been warned
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)... :)
Sanitation.... as in easily flushed. But nobody wants to see it go round the bend. It just will.
Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Soylent", Adds There Is No Cause For Concern
fixed it.
These aren't the droids you're looking for.
Fixed it
dear god
can you slow down abit?
we haven't finished stacking.
amen
ps take care of ben and his printer...
I for one believe them.
I thought that if Spain was going to nationalize a bank they might nationalize a bank from Argentina. Oh well, stupid me.
Banca Civica NATIONALIZATED TOO
Banco POPULAR Is in default
Probably a sly move somehow to capitalize on asteroid mining for space rubies and make a fortune.
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 ...
I still haven't quite rationalised how you 'partially nationalise' a bank. It sounds like being a 'little bit' pregnant.
Just the tip babe.
I promise no more
Government buys 49% of shares of bank. Part nationalized.
Well now that that's done...Bullish!
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.
Transfer the wealth, keep the money.
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