The head of the troubled Spanish bank, Bankia, has insisted that if the lender receives the 19 billion euros it asked for on Friday, it would not need any further funds to continue as a solid business.
At a conference in Madrid, the bank’s chief executive, Jose Ignacio Goirigolzarri also promised greater transparency shortly after announcing huge losses.
“We understand this group will not need any additional provisions; no additional money,” he said.
“We think with this we can make a financially solid entity that, together with the number of clients we have, will allow us to be optimistic and trust in the development of a solvent, efficient and profitable entity.”
The call for financial aid shortly follows the downgrade by Standard & Poor’s of Bankia and four other Spanish banks to junk status on Friday.
The banks were downgraded due to their high exposure to the country’s collapsed real estate bubble.
The banks all hold large amounts of soured investments, such as defaulted mortgage loans or devalued property. Bankia, the worst hit, holds 32 billion euros of these so-called ‘toxic assets.’
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7India PM Modi appoints Yoga minister | euronews, world news
- 8Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 9[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 10European e-revolution people rise up | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Where is the best place in Europe for women? | euronews, world news
- 13Obama’s ‘risky’ immigration gamble | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 16Transcript of hanged Iranian woman’s final message released | euronews, world news
- 17Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 18Syria: Islamic extremists pledge to press ahead with battle for Kobani | euronews, world news
- 19Edgars Rinkevics: “I am gay. Good luck all of you.” | euronews, world news
- 20Anti-immigration protests in Rome | euronews, world news
Wires > News
- 19:49 CET Saudi Arabia says Islamic State ordered attack on Shi’ites in…
- 19:46 CET U.N. to miss December 1 Ebola target due to rising Sierra Leone…
- 19:39 CET Suspected Boko Haram militants attack Nigerian border town
- 19:28 CET Women City centres bring hope to El Salvador’s abused women
- 19:15 CET Hagel resigns as U.S. defence secretary
- 18:27 CET Turkey, U.S. ease strains on Islamic State but differences remain
- 18:23 CET ‘Handful’ of Libyan troops claim asylum in UK after training -…
- 18:11 CET Britain says it is reviewing arms exports to Israel again