Bankia was formed in 2010 in a merger of seven troubled and unlisted Spanish savings banks, and was floated on the Spanish stock exchange last year. Its shares, a large number of which were sold to individual savers and pensioners, have fallen nearly 80 percent in value since the floatation.Officials with the country's bank bailout fund â¿¿ the Fund for Orderly Bank Restructuring â¿¿ revealed late Wednesday that Bankia was worth minus â¿¬4.2 billion. The bank's negative value â¿¿ a result of combining the bank's current balance sheet with the level of business it is expected to generate in the future â¿¿ was due to worse-than-expected losses of â¿¬3.2 billion on toxic property investments.
P.M. Rajoy Says Spain Faces Tough Year Ahead
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