The bailout of the Spanish banks is widely expected to result in the loss of up to 8,000 jobs, mostly in Bankia, and the closure of a significant number of branches.
The Bank of Spain has approved the consolidation plans of Bankia, Catalunya Banc, Novagalicia and Banco de Valencia and this will, in part, determine how much of the €37 billion bailout each will receive.
There will be strict restructuring measures put in place as a result of the bailout, and in the case of Bankia, this could mean the loss of up to 5,000 jobs. The first disbursement of funds is expected to reach the institutions on December 7th.