The Fund for Orderly Bank Restructuring (Frob) cut its losses to 1,352 million euros in 2021, compared to the ‘red numbers’ of 3,639 million euros in 2020, a result that is explained by the accounting adjustment recorded in the valuation of the Frob’s participation in BFA and that it has no impact on the deficit or public debt.
Following the provisions of accounting regulations and taking into account that BFA has ceased to be the head of an economic group after the merger between CaixaBank and Bankia, the Frob proceeded to estimate the book value of its stake in BFA in the year
