21Mar
2016

Relief for Small Investors in Bankia

Following a judgment of the Spanish Supreme Court one of Spain’s major banks “Bankia”, created from the fusion of several banks and savings banks during the banking crisis, has announced steps to pay back small investors their money “invested” in banking shares that have proven a poor investment.

These measures will remain in place for a limited time (15 May 2015) and will require those qualifying investors affected to attend at relevant offices of the bank and to complete an application for reimbursement in person or by means of a suitable Power of Attorney.

The Bank has stated that in due course the initial investment plus 1% interest will then be credited to the investors’ bank account as stated on the application.

The bank’s response is seen as a response to the class actions being taken by many disgruntled investors through Law firms who feel they were duped into buying something which has proven anything but a safe investment and affords the bank the possibility of avoiding having to pay potentially many millions of euros in legal fees for cases they would otherwise be likely to lose.