March 25 - Shares in Spain's largest rescued lender Bankia dropped 41.04 percent to 0.148 euros after the country's bank restructuring fund valued them at 0.01 euro. Hayley Platt reports.
41 percent is today's daily digit in Europe - the amount Bankia shares fell following moves by Spain's bank restructuring fund. It valued shares in the country's biggest bank at just 0.01 euro on Friday night, the lowest allowed under market regulations. The new valuation was imposed by the European Union as part of a bank bailout deal. Bankia is to receive a 10.7 billion euro capital injection from rescue funds. It will wipe out tens of thousands of investors who bought shares in the bank, many of them pensioners. Last year, Bankia became Spain's biggest-ever bank failure. Crippled by bad debts left over from the country's property market crash in 2008. The state took over and applied to Europe for a 41 billion euro rescue. The bank is now showing tentative signs of recovery but that could be about to slow. The government is reportedly considering a partial merger of Bankia with two other rescued lenders.