El presidente de Bankia, Jos?e Ignacio Goirigolzarri, en una conferencia en la sede madrile?a del banco nacionalizado el s?bado, 26 de mayo del 2012. Bankia le ha costado al erario espa?ol 30.500 millones de d?lares, pero Goirigolzarr sostienen que no necesitar? m?s. (Foto AP/Antonio Heredia)
El presidente de Bankia, Jos?e Ignacio Goirigolzarri, en una conferencia en la sede madrile?a del banco nacionalizado el s?bado, 26 de mayo del 2012. Bankia le ha costado al erario espa?ol 30.500 millones de d?lares, pero Goirigolzarr sostienen que no necesitar? m?s. (Foto AP/Antonio Heredia)
Bankia's president, Jose Ignacio Goirigolzarri, speaks during a press conference at the bank's headquarters , in Madrid, Saturday, May 26, 2012. Spain's troubled bank, Bankia, has asked the Spanish government for 19 billion euro ($23.8 billion) in financial support just as a leading credit rating agency downgraded it to junk status. The request came as Standard & Poor's downgraded Bankia and four other Spanish banks to junk status because of uncertainty over restructuring and recapitalization plans. (AP Photo/Antonio Heredia)
MADRID (AP) ? The president of troubled Spanish lender Bankia says the ?23.5 billion ($29.5 billion) in state aid it will receive in the country's biggest-ever bank bailout will be treated as an investment to make profit for the Spanish government and not as a loan.
In a statement released Sunday, Jose Ignacio Goirigolzarri appeared to be trying to reassure markets after the press questioned what he meant by comments the day before that "we don't need to talk about giving any of it back."
He says Bankia's responsibility is not to return that capital, but "to generate value and profitability for that contribution."
Bankia is stuck with the ?32 billion ($40 billion) in toxic assets on its books from loans in the property sector before the real estate bubble burst.
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