Until recently Bankia was a word only heard in Spain and among people who have some interest in what happens in Spain. Today I see that Bankia is headlines in the BBC website so here I will explain all I know related to Bankia. It is just the knowledge of somebody from the street.
Well, these last months in Spain we had a merge from different saving banks. We were told that this was done in order to protect the Saving system or so.
So Bankia was created with the merging of different saving banks. The most important was Caja Madrid. Caja Madrid was for me quite important because as I live in Catalonia I was always interested in knowing how a savings bank called Caja Madrid could do in Catalonia. I remember they had a wonderful enormous building in Diagonal avenue in Barcelona with the green bear moving at the top. And in Plaça Catalunya, the centor of town, they had a library.
When the merging took place I had the feeling that Bankia was a good thing. Caja Madrid was an important caja so now it was creating something bigger and even the name looked great.
But these last weeks bad news about Bankia were heard and some days ago Rodrigo rato, the one in charge, was not anymore in charge.
Now I just read that people are putting the money outside although the government denies that.
So now I just wonder what may happen. Could Bankia be the start of the fall of the banks in Spain and then of Spain with an intervention next?
I just hope that somebody in Europe does something. Or is everybody so worried about their own economy that cannot see that if you let fall one bank, one country, the rest may follow suit?