The Spanish bank Bankia has gotten into some problems. Just one week ago the bank has been taken over by the state and it has become public that since then more then a billion euros has been transferred by clients of Bankia to somewhere else.

I used to have a Bankia account (it used to be called Caja de Canarias), but I closed the account due to an extremely unfriendly attitude towards their clients. Now the rest of Spain is also closing their accounts. Probably not because of their attitude towards their clients but more likely because of the huge amount of properties that the bank owns. Properties that are almost impossible to sell and that keep dropping in value.

According to the bank there is (of course) no reason to worry. These are seasonal fluctuations in the amount of capital they have. Sure, what else are they going to say. Where is all the money going? Other banks, other European banks outside of Spain, or even farther away to different currencies or even valuables like gold? I just don’t know so I’ll just keep observing the situation from a safe distance. First see what happens and then I’ll figure out what to do.