SPANISH BANK SCANDAL.

A criminal investigation has been opened into the setting up of the ailing spanish bank Bankia.

It was formed by joining together seven savings banks and nationalised in may of this year.

The attorney general Senr. Eduardo Torres-Dulce has said the prosecutor has asked for documents from both Bankia and from the Bank of Spain.

There is general disquiet in public opinion resulting in an investigation being instigated.

Bankia recently requested 19 billion euros to clean up it's balance sheet and reward shareholders who invested in the bank when it was formed last july.

Many of the shareholders are small investors and they have seen the share price drop from 3.75 euros on introduction to 1.04 euros last week.

The attorney general says it is too early to speculate on what the criminal offences might be given the sensitivity of the whole spanish banking system at this time.

The national protest movement M15 has set up a website for donations from the public to be used in a lawsuit against Bankia and ex-chairman Rodrigo Rato.

A right wing group Manos Limpias also bringing a lawsuit against Rato and Fernandez Ordonez the current bank governor on the grounds of probable criminal offences when the bank was set-up and the subsequent management of it.

Embarrassed by the allegations the ruling PP party to prevent potential damage in financial markets has banned thyrough the emergency FROB emergency fund sub commission anyone connected with Bankia from appearing before congress to answer questions.

This gagging order has been condemned by opposition political parties who want transparency in the procceedings.

Prime minister Mariano Rajoy has supported the gagging order saying that it is a particularly inappropriate time to debate these issues,

Corruption seems once again to be evidenced. Spain cannot continue in not bringing these hundreds possibly thousands of perpetrators living the jet-set lifestyle to justice.