Mish/ Mike Shedlock – Bankia Valued At Eur -13.635 Billion; Spain Becomes Sole Owner, Shareholders Totally Wiped Out; Entire Bankia Board Resigns – 28 June 2012
Posted on June 28, 2012 by lucas2012infos
Five days ago we heard from the Bank of Spain that Spanish banks only need between €16bn and €62bn in new capital.
In the same report we also heard that the three largest bank groups do not need any capital at all. Bear in mind that was allegedly in a “stress” scenario.
Today we learned that Bankia is Valued at EUR -13.635 Billion
The seven banks that founded Bankia be left out of the shareholders of the entity and the State will be made with one hundred percent of the group’s parent, Bank Savings Financial (BFA), the latter having a negative value of 13.635 million euros According to the assessment commissioned by the state.
After the assessment, the FROB becomes the sole owner of BFA.
Thus, the seven savings banks that created the group, Caja Madrid, Bancaja, La Caja de Canarias, Caja de Avila, Laietana Caixa, Caja Segovia and Caja Rioja, stay out of the shareholders.
Finally, BFA proceed to recapitalize its subsidiary, Bankia, with an injection of 12,000 million euros. He will do through a capital increase in which existing shareholders will have preferential subscription rights. It is expected that the capital increase in Bankia be completed during October.
The European Commission today gave its approval temporary nationalization and recapitalization of the matrix BFA waiting for Spain to send to Brussels a restructuring plan of the institution in the next six months.
I strongly suspect that a valuation of -13.635 billion euros is on the wildly optimistic side.
Entire Bankia Board Resigns
Here is an amusing picture from the El Pais article The assessment shows a group of Bankia 13.635 billion hole
El Pais reports …
The group Bankia worthless. Worse, his assessment is negative, -13.635 billion euros. That is the appraisal on the face of nationalization has been presented today to the board of the entity, sources of such advice. That means that the conversion of the 4.465 million of preferred shares of Bank Savings Financial (BFA) results in 100% nationalization of the matrix and, indirectly, 45% of Bankia, but the assessment does not directly affect the bank quoted. The BFA board of directors resigned en bloc.
The seven savings banks that are BPA was created without any equity in the state, leaving them no future dividends to be used for social work . The entities concerned are Caja Madrid, Bancaja, La Caja de Canarias, Caja de Avila, Laietana Caixa, Caja Segovia and Caja Rioja. The seven contributed to its financial business BFA and are now nothing more than the assets of the work were marginalized social integration.
Did they all retire with full pensions?
Looking back, Bankia has provided more laughs than I remembered.
May 9, 2012: Audit Shows Spain’s Bankia Short 3.5 Billion Euros; PP says “We Must Help Bankia, It Has Deposits for 10% of GDP”
The implosion in Spanish banks continues. On Wednesday, Spain nationalized BFA, the 8th nationalization since the start of the crisis.
After sinking 3 billion into CatalunyaCaixa, Spain tried to privatize the mess but there were no offers at zero euros. Clearly CatalunyaCaixa bank is worth less than zero.
Meanwhile Der Spiegel reports “Bundesbank has no idea of what is happening in Spanish banks”. Mish readers do. The Spanish banking system is without a doubt bankrupt.Emphasis added.
Today we see that Bankia and the entire group is worth less than zero.Mike “Mish” Shedlock
www.globaleconomicanalysis.blogspot.comlink to original article
6/28/2012
Bankia Valued At Eur -13.635 Billion; Spain Becomes Sole Owner, Shareholders Totally Wiped Out; Entire Bankia Board Resigns
More Banks Face Interest Rate Rigging Investigation – 28 June 2012
BBC News – More Banks Face Interest Rate Rigging Investigation – 28 June 2012
Posted on June 28, 2012 by GLR lucas2012infos
A number of banks are being investigated and could face sanctions after Barclays was fined £290m ($450m) for trying to manipulate interest rates at which banks lend to each other.
Regulators in Europe, the US and Asia have said that investigations into other banks are “ongoing”.
The UK’s Financial Services Authority said the early signs were that Barclays had not been the only firm involved.
Barclays has said its actions “fell well short of standards”.
Read the whole story at : www.bbc.co.uk /news link to original article
Notes for Drake Call of 6/27/2012 » The Global Voice This is a MUST!!! Breaking news~~~
Here are my notes taken during Drake’s call going on from 6-9 PM CST, 6/27/2012.
The military has told Drake “This is Green Light.”
The spirit of the call was like freedom bells ringing throughout, once Drake said the green light had been given by the military.
Notes from Drake call of 6/27/2012
- G20 meeting was all about the NWO takeover.
- 12 false flags around the U.S. had been planned, including nuclear devices, for October (maybe a rerun of last year’s “October Surprise” that didn’t happen), so there would be no elections. They’ve been handled.
- According to the ET’s, “the cavalry is coming.”
- They will take care of things.
- “Sit back and watch the fireworks.” They’ll call on the military only if needed.
“We have won.”
With mass arrests and removals from office, the MSM may not have a choice about reporting it.
Yesterday and today Drake got his answer from the military:
They have the paperwork and it’s been submitted correctly.
The majority of the states have submitted notification that they are free of the corporate govt.
The military can take action on behalf of the people against the corporation.
The military will begin supporting the vets as they should be.Get some cash out of banks, though no major interruptions are expected.
Drake has been given a day for the event–this week. (I assume that means in the next 3 days, and possibly tomorrow or Friday.)He thinks the military has finally gotten the idea that if they didn’t act, the people would.
Every time the opposing forces have tried to do a trial run with air vehicles, they’ve been met by superior forces and told to land.
Lady Dragon reporting:
FBI was on CNN about braking up a large child prostitution ring.
The audit the fed bill made positive progress today. There was a unanimous vote in the House in favor of it, something unheard of in the past.
Cobra also confirmed things are working well and to remain calm.Drake again:
The politicians are seeing the handwriting on the wall. Some of them will be lucky to retain their lives.
Break
Drake again.
The military has told Drake “This is Green Light.” It will be posted on his website after this call.Many other countries are watching us. They feel if we can do it, they can too.
England and the European Union are having extreme duress maintaining life support. G20 said they would cut all financial ties to other countries. The European Union is on its own. The E.U. was the prototype of the NWO.
A lot of the money that should be going into our highways has been going into the trans-America highway for the North American Union (Mexico/US/Canada). (From the nature of the call, we can probably assume that that won’t happen.)
He suggests that the U.N. will begin to have some very difficult problems very shortly because they’re following globalist policies. They will be terminated as they are and be reinstated according to the original plans for it. It was taken over by the globalists.
The religions (religiosity) will be attended to shortly also. The E.T.’s will give us the true story that’s been denied us.
He did some checking with other countries about what’s going down and got confirmation there too.
He said the military will go mainstream with this as soon as they can. They’re listening to these calls to ensure that the info is being put out correctly. They wanted Drake to be educating the public about this coming event. They’ll also be using some people well known to “out” the info. Wanted freedom and militia communities to be reached, so they wouldn’t take action unless necessary.
Canada will have to determine if they will cooperate or not. The central banking system on this continent will be closed, which includes Canada too. So they’ll be up against hundreds of other countries wanting them to cooperate if they don’t comply.
The notification process (declaring our independence from the corporate U.S. government) to the Hague set us free from the other ties and treaties contrary to the American documents–Constitution, Bill of Rights, Declaration of Independence. Nullification of all former contracts which are contrary to these documents.
Listen to traffic stations for possible slow downs.
All things that are contrary to the best interests of the people will be attended to, including courts, judges, etc.
Women will be much more in charge.
Governments start wars, not people.
There will be major changes coming. The legalities will be changed. Finance will be changed. “Eventually we may not need money.”
Individual rights will be reinstated. Attending to the needs of our brothers and sisters will become standard.
IRS will be going. People in prison because of them will be released.
http://WRAMsite.com (Minute Man’s Well Regulated American Militias website)
We have cut ties with England, City of London, and other controlling places like that.
Vatican Bank has serious financial problems. Been cut off largely (called the Northern Connection). That’s been severed.
Federal Reserve goes out.
Was asked when E.T.’s might make an appearance? A time has been given but he must hold that info for now.
He suggested a week’s supply of food; stock up on necessities in case of interruption. Take two weeks of money out of bank account. May have hits and misses in terms of deliveries. May have some food shortages due to delivery issues.
He has update on Neil Keenan and the various financial law suits but can’t say it now. It may become public before he can say.
A traveler told a caller that their flight was sent to Las Vegas and couldn’t land in Denver because the military were arresting several hundred people there.
Drake has been in “school” for about a month learning how to communicate with the E.T.’s, through imagery and thought. They will be sharing that with us, so we can better communicate with us.
There have been an unusual number of flights leaving the Dover (England) airport today. The Queen was wearing “green” today. (We wondered if there was a connection to “green light” there.)
Drake said since he has been allowed to go public with this, Alex Jones and Rush Limbaugh could do the same. They both have Drake’s email if they want more details.
When military determines we are free, church bells will be ringing.
Military doesn’t have much respect for B.O. He hasn’t been listening to them.
Govt. checks should continue as expected. May get larger.
NESARA law will be publicly discussed and perhaps enlarged.
We have a bright and shining future.
Central banking system will go out in the near future.
Operation Green Light!!! Fasten your seatbelts, the time is here...GVR – Drake Mid-Week Update – PREEMPTIVE PREPAREDNESS
My apologies, guest, but I too felt the need to lovingly suggest that you try to be a bit less critical and spend more energy considering other possibilites as to why people do what they do besides the one out of many you came up with. My brother or sister, (as the case may be), choose not to be offended by this encounter. No one is seriously upset with you over this (or I hope not). They are simply serious about the path they are on, of realizing Oneness, Peace, and Unity. Not as a nice dream, but as reality. Naturally, they are eager to right the wrongs of the past and stop bad manners in the bud by standing up for a more beautiful way of conversing, free of anger, irritation, contention, arguing, critcism, judgement, and dispute that is just mean and nasty and lacking civility and respect.
Surely, you are interested in the same future. I hope you will kindly consider what was said to you and not react with rejection and pain/anger/embarassment. The other possibilities they suggested are very likely options for why people write the way they do. I think it was just whimsical joy that caused the spelling you saw. Aywany, wehn we are albe to raed gbdobley-gook lkie tihs, where only the first and last letter is in the right order, it seems clear we have amazing capabilities to understand one another and any complaints that we don't understand seem to be just that, nit-picking complaints.
With deep respect from someone who has made your mistake many times (with regret!) I assure you from personal testimony, if you watch and listen more carefully to your thoughts and words and try to be more aware, it will get easy to see how your ego/mind works and you can make a clear choice that is easy, to pick the higher and more helpful to all path.
Namaste