From FT:
Shares in Bankia, the Spanish bank which was part-nationalised last week, plunged by over a quarter on Thursday morning, after a report that customers had withdrawn โฌ1bn from the bank over the past week.The news has started to spill over to other PIIGS banks, and very soon all Italian banks will resume being suspended limit down on fear that the bank run contagion, pardon, the withdrawal meme (h/t William Banzai), because in this fake, artificially supported world, one is never allowed to call a spade a spade, has commenced.
Shares fell 27 per cent to โฌ1.21 after El Mundo, a national Spanish newspaper, reported customers had withdrawn โฌ1bn from the bank over the past week, citing information from a recent board meeting.
The self-styled "the leader of the new banks" was formed from seven cajas last year and has now shed nearly 70 per cent of its market capitalisation since its shares were listed in July of last year.
The fall helped to drive the broader IBEX 35 index down 2 per cent to 6,480.7.
In the meantime don't panic: after all, just recall the Bank of Spain statement which promised that despite the Bankia nationalization, that "BFA-Bankia is a solvent entity that continues to function quite normally and customers and depositors should have no concern."
Turns out depositors had a few concerns...
Comment: The Bank Runs In Greece Will Soon Be Followed By Bank Runs In Other European Nations