The FROB reduce their own 77 mln eur funds in their accounts after an error – Investing.com Spain

MADRID (Reuters) – The State Fund for Orderly Bank Restructuring (FROB) has announced an increase of 17.8 percent in 2015 losses, after detecting an error in the results published in late June it has reduced its equity to 77 million euros against 303 million previously announced.

note the FROB is dated to August 3, 2016, although it was not sent to media, as it did with its annual results 2015. it was not possible to contact a spokesman FROB for comment.

the agency said it had “detected a miscalculation” in assessing FROB participation in BFA. The deterioration participation is 993 million euros compared to 763 million previously announced. In total, between the matrix of the nationalized Bankia (MC and BMN, the negative impact amounted to 1,137 million euros.

thus, losses of the group stood at 1,523 million euros compared to 1,293 million previously announced.

the auditor is not considered necessary to include an additional qualification in its opinion on the accounts, as FROB said in his note

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