Bankia Parent Company to Rewrite 2011 Losses Over 100x

According to a report in El Pais tonight, the parent company of Bankia, Banco Financiero y de Ahorros (BFA), is scheduled to announce Monday that it is rewriting it's 2011 losses from €30 million to over €3.5 billion ($4.4 billion), which is still only a preliminary figure. Estimates are that the increase will range from 100-200 times the original amount. This comes in the wake of the Bankia revelations from Friday.

El Pais reports that this will be the largest loss ever registered in the industry, surpassing the €3.51 billion loss posted by Banesto (now owned by Banco Santander) in 1993.