MADRID: Spain's bank restructuring fund said on Wednesday it made a bigger loss of around 1.3 billion euros ($1.5 billion) in 2015, up from the previous year due to lower valuations of its stakes in several state-controlled institutions.
The FROB, which was created in 2009 to bail out distressed Spanish banks, said that lower valuations in BFA, parent company of lender Bankia, and Banco Mare Nostrum had a negative impact of 763 million euros and 144 million euros on its balance sheet respectively.
Additionally, the FROB, which owns 100 percent of BFA and 65 percent of BMN, also suffered losses of 415 million euros related to its stake in Spain's bad bank, Sareb.
The FROB booked a loss of 861 million euros in 2014.
Comments
Comments are closed.