Spain’s state bank bailout fund will transfer between €4bn and €5bn into Bankia to boost the nationalised lender’s capital levels to more than regulatory minimums after it suffered heavy losses in the first half.
Announcement of the transfer – which formalises a decision made on Friday to provide Bankia with a bridging loan in advance of European rescue money – was due last night.
The board of the Frob, Spain’s state bank rescue fund, met yesterday to decide the amount that would be provided for Bankia, which two officials said would be between €4bn and €5bn to raise its core capital level to more than 8 per cent, as specified by the Bank of Spain.
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