Bankia chairman to illustrate recovery plan tomorrow

The president of Bankia, Josè Ignacio Goirigolzarri, will present tomorrow the recapitalization plans for the recovery of the institute which according to rumours might include a government aid of 15 billion euros. At a press conference scheduled for 10 am, Girigolzarri will illustrate the decisions taken by the institute's board, who is in fact meeting today at 16:30, sources within the group have confirmed, as the agency Europa Press has reported. In view of this board meeting, the CMNV has suspended trading for Bankia stocks, which will not be back on the floor until next Monday. Partially nationalised two weeks ago, the group has already received 4.5 billion euros in 2010 from the state fund for Bank restructuring. The total aid coming from the government might be close to 20 billion euros, according to sources, the media claim. The precautionary suspension of the stock, which also includes its mother company Banco Financiero y de Ahorros (Bfa),has been decided by the CNMV before the opening of the trading session and at the request of the institute itself.