Bankia, S.A.

Event Publicly Available Information:

A determination is being sought as to whether the announcements and resolutions of the Governing Committee of the Fund for Orderly Bank Restructuring (FROB) dated 16 April 2013 and published in the Spanish Official Gazette on 18 April 2013 and on the websites of the FROB and Bankia, S.A. resolving actions for the management of hybrid instruments and subordinated debt of Bankia, S.A. and Banco Financiero y de Ahorros, S.A. constitute a Restructuring Credit Event with respect to Bankia, S.A. within the meaning of Section 4.7 of the Credit Derivatives Definitions.
FROB Resolutions dated 16 April 2013
FROB Resolutions - English translation


Auction Timeline	Common Event Determination Date: April 24, 2013 Auction Date: June 5, 2013 Auction Settlement Date: June 12, 2013

Deliverable Obligations	Final_List_of_Deliverable_Obligations The Exercise Cut-off Date for a Seller wishing to deliver a Credit Event Notice is Wednesday 22 May 2013. The Exercise Cut-off Date for a Buyer wishing to deliver a Credit Event Notice is Tuesday 28 May 2013. The Auction Date is 5 June 2013.

Maturity Buckets	List_of_Final_Maturity_Buckets

Auction Settlement Terms	Bankia_SA_Auction_Settlement_Terms / Blackline_Auction_Settlement_Terms_against_SNS_Bank_Auction_Settlement_Terms_dated_20/03/2013

Deriv/SERV Bankia, S.A. Triggered Transactions Data	Bankia_SA_Triggered_Transactions_Data

List of Participating Bidders	List_of_Participating_Bidders

Upcoming DC Meetings
This Event
- No meetings scheduled
All Meetings
- No upcoming meetings
Additional Information

Issue Number:

2013042401

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

Not Applicable

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  6/25/2013 05:00am EDT
- List of Participating Bidders Published
  
  See Event Terms and Obligations
  6/03/2013 05:50am EDT
- Ongoing
  
  EMEA_Determinations_Committee_Decision_31/05/2013
  5/31/2013 12:05pm EDT
- Final Auction Terms Published
  
  EMEA_DC_Decision_30/05/2013
  5/30/2013 10:50am EDT
- Ongoing
  
  EMEA_Determinations_Committee_Decision_29052013
  
  “May 29, 2013: The DC convened to discuss whether one or more Auctions should be held to settle the groups of Triggered Transactions in respect of the various Maturity Buckets for Bankia, S.A. and resolved to hold an Auction in respect of the 2.5 year, 5 year and 7.5 year Maturity Buckets and an Auction in respect of the Seller Bucket (see Decision 29.05.2013 for more detail). The DC also discussed the potential Auction Settlement Terms and agreed that it will vote to approve publication of the Auction Settlement Terms within the next day.”
  5/29/2013 01:05pm EDT
- Final List Published
  
  EMEA_DC_Decision_20.05.2013
  5/20/2013 04:25pm EDT
- Ongoing
  
  EMEA_Determinations_Committee_decision_17052013
  5/17/2013 03:50pm EDT
- Supplemental List Published
  
  See Event Terms and Obligations
  5/13/2013 01:25pm EDT
- Ongoing
  
  EMEA_Determinations_Committee_decision_13052013
  
  “May 13, 2013: The DC convened to consider the Applicable Subordinated Transactions and resolved that with respect to the Applicable Subordinated Transactions, if the Protection Buyer sends notice in writing to the Protection Seller by no later than 4p.m. London time on Friday 17 May 2013 (or such later date as the EMEA DC may resolve) specifying that it does not wish such Applicable Subordinated Transactions to be Auction Covered Transactions for the purposes of any subsequent Auction relating to this Restructuring Credit Event which the EMEA DC may resolve to hold, then such Applicable Subordinated Transaction will be excluded from the definition of Auction Covered Transaction for the purposes of any subsequent Auction relating to this Restructuring Credit Event which the EMEA DC may resolve to hold and accordingly upon such notice becoming effective, the date of this resolution (13 May 2013) shall be deemed to constitute a No Auction Announcement Date under Section 12.12(a) of the 2003 ISDA Credit Derivative Definitions with respect to such Applicable Subordinated Transaction(s).
  
  “Applicable Subordinated Transactions” means any transaction with Bankia S.A. as its Reference Entity which specifies as its Reference Obligation one of the obligations referred to as “Term Subordinated Debt of BFA” in Section 4 of Resolution 9 of the Decision of the Governing Committee of the Fund for Orderly Bank Restructuring (FROB) dated 16 April 2013.
  
  The DC has adopted this approach to allow Subordinated trades to settle under Senior Auctions, because it does not believe that there are any Subordinated Obligations available for settlement. The DC did not wish to affect adversely any market participants who may be able to source and deliver Subordinated Reference Obligations and therefore intends to preserve their ability to settle physically by allowing a Buyer to opt out from the Senior Auction(s).”
  5/13/2013 04:10pm EDT
- Initial List Published
  
  EMEA_Determinations_Committee_decision_10052013
  
  EMEA_Determinations_Committee_meeting_statement_10052013
  
  “May 10, 2013: The DC convened to continue discussions regarding the Initial List of Deliverable Obligations and resolved to publish the Initial List of Deliverable Obligations.”
  
  See Event Terms and Obligations
  5/10/2013 01:10pm EDT
- Ongoing
  
  EMEA_Determinations_Committee_Decision_08052013
  
  “May 8, 2013: The DC convened to commence discussions regarding the Initial List of Deliverable Obligations and agreed to reconvene on Friday, 10th May 2013 to continue discussions regarding the Initial List of Deliverable Obligations.”
  5/09/2013 04:30am EDT
- Ongoing
  
  EMEA_Determinatons_Committee_Decision_07052013
  
  May 7, 2013: The DC met to discuss the Auctions to potentially be held in respect of Bankia S.A. and agreed to reconvene to further discuss the matter on Wednesday 8^th May 2013
  5/07/2013 02:35pm EDT
- Ongoing
  
  EMEA_Determinations_Committee_Decision_30042013
  
  “April 30, 2013: The DC met to continue to discuss the Auctions to potentially be held in respect of Bankia S.A. The DC agreed to reconvene at a future date to be determined and to commence discussions regarding Deliverable Obligations at that time.”
  4/30/2013 01:00pm EDT
- Ongoing
  
  EMEA_Determinations_Committee_Decision_26042013
  
  “April 26, 2013: The DC discussed the implications of the Restructuring Plan for the Reference Entity and its parent, which was approved by the Governing Committee of the Fund for Orderly Bank Restructuring (FROB), and voted on the DC Question. The DC agreed that a Restructuring Credit Event occurred, under Section 4.7(a) of the 2003 Credit Definitions, on April 18, 2013 and agreed to potentially hold one or more Auctions to settle Relevant Transactions with respect to which the Restructuring Credit Event occurred.”
  4/26/2013 01:35pm EDT
- Request Accepted by DC
  
  4/24/2013 04:45pm EDT
- Pending DC Consent
  
  4/24/2013 04:25pm EDT