The nationalized Bankia announced Friday that it will take up to 312 million euros as the first responsibility for contingencies arising from possible claims by retail investors discussed IPO in July 2011. In the image, a logo of Bankia . in Madrid in a file photo
Photo: Andrea Comas / Reuters
The nationalized Bankia announced Friday that it will take up to 312 million euros as the first responsibility for contingencies arising from possible claims by retail investors discussed IPO in July 2011.
Meanwhile, the BFA matrix, wholly owned by the State, shall bear costs in excess of this amount up to the maximum amount of 780 million euros, equivalent to 60 percent of costs shared out.
In Bankia, owned 62 percent by BFA was not possible to confirm whether the contingencies that are listed assume will point in its entirety as extraordinary provisions in the accounts of 2014.
The background Spanish bank bailout had delegated this morning in the transmission matrix BFA state team, led by José Ignacio Goirigolzarri, the distribution of contingencies arising from lawsuits by the IPO of Bankia.
To confer the contingencies power-sharing to “BFA team manager” has meant in practice leave the decision up to Bankia, who will have the majority on the board of BFA.
In any event, the Fund Orderly Bank Restructuring (FROB) agreed to a ceiling of 780 million euros the eventual distribution of contingencies.
However, both Bankia and BFA said Friday that in the event this limit is exceeded, as a result of civil proceedings initiated by retail investors against Bankia and / or BFA Bankia by placing the conclusion of a new agreement between BFA and Bankia is necessary, where appropriate.
The group BFA-Bankia, which was rescued with 22.424 million euros of public money in 2012, is under investigation for irregularities associated with the OPS and the reformulation of accounts with accounting errors ..
The question of what part of the potential costs could correspond to Bankia and BFA was still an uncertainty factor for Bankia listed that had forced him to postpone the publication of their accounts until Saturday, the last legal day for submission of results.
The cost allocation decided by the advice of Bankia and BFA has been in line with what moved in early February the Economy Minister Luis de Guindos, in an interview with Reuters.
The distribution of costs Goirigolzarri clears the way to proceed with the recovery plan of the organization and advance its strategic plan
MARKET AND HAD EARLY THESE COSTS, SHARES UP 3%
Most Analysts polled by Reuters had also estimated a contingency to assume for Bankia at around 300 million euros.
“This would be acceptable to the entity and still allowing you to create value Bankia despite cost will be forced to take, “said Nagore Díez analyst Norbolsa.
If finally the cost of continencias were assumed in its entirety by the results of 2014, the increase in profit of Bankia in 2014 is slightly fall below 30 percent, compared with an increase of 90 percent who had planned analysts regardless of the extraordinary provisions by PAHO.
Analysts are viable entity can distribute a first dividend against 2014 market consensus stands at two cents by titles or a total of 230 million euros.
In fact, shares of Bankia reacted to deal with rising costs 3 percent.
The FROB said Friday BFA (state-controlled 100 percent) have sufficient equity to meet the cost of his hypothetical involvement in the deal, “so in no case would the use of additional public resources. “
Since the inauguration of the new management team headed by Goirigolzarri in May 2012, the BFA-Bankia group has generated over 5,000 million euros in organic capital .
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