Spain’s bailed-out Bankia posts €19.2bn loss
Spain’s bailed-out Bankia has posted a full-year net loss of €19.2bn, the biggest ever suffered by a Spanish company, after the lender cleaned up its balance sheets of bad property loans and other risky investments.
The bank transferred loans worth some €17.3bn to the new Spanish “bad-bank”, which was set up to take on the banking sector’s toxic assets. BFA, Bankia’s parent company, set aside €26.8bn in provisions. The group’s overall net losses were €21.2bn.
