Anybody in Spain who was likely (or gullible enough) to invest in this bank has already been burnt by Bankia. Everyone else knows it’s a scam. Who on earth will buy into a bank holding all the assets that none of the other banks have been able to sell? Even if it is taking on assets at 50% of whatever their previous asking prices were, the fact is that the banks have already been trying to sell them off at 50% off and have failed, and the value of those assets will keep falling. This bank is the place where they want to dump all the corrupt building scams that crooped up during the boom, and everyone knows it.