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The other problem for Spain today is the suspension of the share price of Bankia and worries about how much extra money will need to be pumped into it. Still its rescue vehicle the FROB is okay isnt it?
"Spain’s FROB (Fund for Orderly Bank Reconstruction) If we look at its financial position we see yet another lifeboat which may prove unstable in a crisis. It’s original capital was 9 billion Euros which it calls “strongly capitalised” in fact so strongly that this was increased to 15 billion Euros in February! So yes another entry for my financial lexicon.
Again in a regular theme for the Euro area you may not be surprised to read that the extra 6 billion Euros has not actually been paid.
Lets us play nicely and give them the benefit of the doubt and with its leverage capacity of three times we see that the FROB has 45 billion Euros of lending capacity of which it has spent approximately 19.2 billion Euros. You may by now be getting the idea of why Spain wants to downplay possible bank bailout costs.
Indeed the margin between the amount of lending and the guarantee of 27 billion Euros by the Kingdom of Spain is thinning and disappearing. As it is incredibly unlikely that everything would be lost that is an amber light not a red one but the light will flash more brightly the more the 27 billion Euros is exceeded.
Also it is hard to put into words the stupidity of this. This leverage capacity can be increased up to 6 times with the approval of the Ministry Of Economy and Competitiveness. "
http://www.mindfulmoney.co.uk/wp/shaun-richards/bankias-share-suspension...
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