Following the decision of the FROB, the court will continue the processing of the application of the competition last Monday was requested by the new management of the bank, it leads to Banco Madrid to settlement by the bankruptcy route.
The FROB has informed the holders of the cash deposits of this subsidiary of BPA that the Bank of Spain has determined that “having produced unpaid beatable and payable cash deposits, Banco de Madrid SAU is in situation of failure to return them without having prospects to do so in the near future “. After the decision not to rescue the bank reports that the FROB will satisfy the holders of cash deposits amounts secured under the terms established by regulations that are a maximum of 100,000 euros per holder.
On Monday new directors of Banco Madrid requested the voluntary bankruptcy of the company due to “suffered severe deterioration in economic and financial situation” process was interrupted by the judge for 14 days to decide whether the FROB opened a process of restructuring of the company.
Banco Madrid was operated by the Bank of Spain last March 10 after Andorra takeover of its parent, BPA, for alleged money laundering.
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