Banco Madrid files for bankruptcy

Series Title
Series Details 16.03.15
Publication Date 16/03/2015
Content Type

Spanish bank Banco de Madrid entered insolvency proceedings on the 16 March 2015, just days after the bank was taken over by Banco de España.

The decision was in response to the serious deterioration in Banco de Madrid, S.A.’s financial position as a result of the sizable withdrawals of funds made by customers and of the latest developments to come to light, which had affected the bank’s ability to duly meet its obligations.

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Related Links
El País, 16.03.15: Banco de Madrid ceases operations and requests a creditors’ meeting
Banco de España. : Press Release, 16.03.15: Statement on Banco de Madrid
Website: Banco de España (English)
El País, 18.03.15: Andorra must reform banking system (via Euro|Topics)

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