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Spain’s banking crisis wiped out billions of euros of family savings on Tuesday as small investors who bought shares in the nationalised Bankia were finally able to trade them – but at only a fifth of their original price.
The wipeout on Madrid’s stock exchange means that Bankia, which was created by the fusion of seven savings banks, has now lost 99% of its stock exchange value since it was listed 22 months ago.
Norges Bank’s Monetary Policy and Financial Stability Committee has unanimously decided to keep the policy rate unchanged at zero percent. In the Committee’s current assessment of the outlook and balance of risks
France and Germany are proposing a €500bn ($545bn; £448bn) European recovery fund to be distributed to EU countries worst affected by Covid-19.
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.
