FACUA criticises the Government's lack of action following the national entity's fraud
Bankia's offer is a trap: trying to refund invested money plus 1% and not the legal interest rate of 4%
The Supreme Court declared the entity's flotation on the stock exchange null a few weeks ago in a ruling that states that the 2011 Initial Public Offering had "serious inaccuracies".
FACUA.org
España-17/02/2016
Bankia has announced that it will open proceedings to refund all small shareholders’ investments in the 2011 floatation without them needing to go to court.
FACUA-Consumers in Action believes that this offer has a hidden trap, since Bankia is trying to pay its customers only 1% annual interest, instead of the almost 4% annual interest rate it should pay, in line with the legal rate of interest.
The association advises that the legal rate of interest since June 2011 (when the entity was listed on the stock market) until today reached 175 euros per 1000 euros invested, whereas the 1% annual interest offered by Bankia only adds up to 45 euros per every 1000 euros invested. The legal rate of interest was fixed at 4% annually in 2011, 2012, 2013 and 2014, whereas in 2015
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