The bank rescue fund in Spain has given Bankia a 'negative value' fund, which has resulted in shares in the group falling by almost 20 per cent.
According to the assessments, the financier currently has a value of -€4.2 billion (-$5.6 billion), while its parent company BFA was judged to be worth -€10.4 billion.
Entitled FROB, the Spanish bailout fund, which is owned by the country's government, predicted BFA would require additional rescue money to the tune of €13.5 billion.
This would add to the €4.5 billion injected into the organisation by Madrid earlier in the year, with BFA ordered to provide €10.7 billion of the cash as new capital to Bankia.
A source from the central bank with knowledge on the matter told Reuters: "Are we looking into leaving shareholders with something? Yes. How much? That's too soon to say. Will it be very little? For sure."
By Asim Shah