Inactive Instrument

Bankia

Equities

BKIA

ES0113307062

Bankia S A : Spain in talks to launch EU-funded recovery plan in January 2021 - minister

October 14, 2020 at 03:05 am EDT

MADRID (Reuters) - Spain's government is negotiating with its EU partners to get the disbursements of European Union recovery funds as early as possible so it can launch its recovery plan in January 2021, Economy Minister Nadia Calvino said on Wednesday.

Spain is due to receive around 140 billion euros (127 billion pounds) in grants and loans out of the EU's 750-billion-euro coronavirus recovery package.

"Negotiations are still ongoing in Brussels, so obviously we are doing our outmost to accelerate this process so that we can start the implementation of the recovery plan on January 1 2021," Calvino told Bloomberg TV on Wednesday.

Separately, Calvino said the Spanish government is "in no hurry to divest" its stake in Spanish bank Bankia, which is in the process of merging with rival Caixabank.

(Reporting by Inti Landauro; Editing by Andrew Heavens)

Latest news about Bankia

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Company Profile

Bankia, S.A. is a banking group organized around three areas of activity: - retail banking (63.5% of Net Interest Income): sales of standard and specialized banking products (consumer credit, insurance, etc.); - business banking (19.7%); - other (16.8%). At the end of 2019, the group was managing EUR 124.8 billion in current deposits and EUR 117.4 billion in current loans. Products and services are marketed via a network of 2,275 branches located in Spain.

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