parajumpers stavanger likely to be carried out in October

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The new management team at the partially nationalized bank presented a recapitalization plan at a board meeting on Friday,parajumpers stavanger. Below are the details of the plan:
THE MECHANISM:
The state-backed restructuring fund, the FROB, will carry out a 19 billion euro capital hike at Bankia's parent company BFA. This will happen in June and will mean the government will have a controlling stake in BFA.
BFA will then carry out a recapitalization of Bankia by a further capital hike of 12 billion euros,parajumpers down jackets, likely to be carried out in October,Parajumpers Jakke Salg, which will leave it with a controlling stake directly in Bankia.
Existing shareholders can partake in the capital increase.
THE BREAKDOWN:
Bankia said it had identified further provisioning needs against its real estate portfolio, including loans to housebuilders, of 4 billion euros, over and above the 8.7 billion euros of writedowns it had already accounted for after two government bank reforms.
Bankia unveiled an additional 5.5 billion euros of provisions needed to protect against potential defaults elsewhere in its loan book and a further 6.7 billion euros capital shortfall related to revaluing industrial stakeholdings and tax credits,parajumpers.
The net effect of all these extra provisions is 19 billion euros,moncler oslo, the bank said.
BFA-Bankia's core capital ratio will be 9.8 percent following the bailout,pjs jakker. ($1 = 0.7992 euros)
(Reporting by Sonya Dowsett; Editing by James Dalgleish)