SPAIN: The European Commission and the ECB put hurry to … – EntornoInteligente

<- AUGURE_NOTICIA_INICIO -> SPAIN: The European Commission and the ECB put hurry to privatize Bankia / Expansion / The European Commission and the European Central Bank (ECB) urge Spain to step on the gas in the privatization of Bankia and BMN two institutions nationalized during the bailout of 2012 in which the state remains the controlling shareholder. In addition, Brussels and Frankfurt warn that the process can be complicated if the contemporizes Government to obtain a higher sales price.

“The completion of the privatization of the banks that are still under the control of the FROB (Fund for Orderly Bank Restructuring) and Bankia in particular, remains a challenge. This is especially so in the case of the State try to maximize recovery of the value of its investments in these entities, “say the European Commission and the ECB in the third monitoring report after the departure of the bank bailout, published yesterday.

Although both institutions certify that” The FROB started reprivatization of Bankia in 2014 “and that” the February 28, 2014, 7.5% of Bankia in the hands of BFA [Matrix] were sold on the market “, also they warned that” since then, Despite increases in market valuations of Spanish banks, have not been carried out or announced privatization of new parts of Bankia “.

The FROB currently controls 100% of the BFA matrix and 62% of Bankia. According to the restructuring plans approved by the European Commission, the government has until December 2017 to dispose of those shares. Otherwise, the bank should be liquidated.

About BMN, the other entity controlled by the FROB, the document merely states that the bank “studies go to the capital market as a means either to repay financial assistance to the institution and / or allow the FROB to sell its shareholding. “

According to Commission and ECB,” complete the restructuring and privatization of the two banks are controlled by the state It is necessary to put the banking sector on a sound long-term basis. “

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