NEWYEAR - I'm not quite clear what you're trying to express. It seems that once Bankia is nationalised the Spanish state will have a 12% equity stake in IAG. Presumably the Spanish Govt would manage this at arm's length to avoid a charge of acting overtly as directors in what is essentially a private company. Certainly enough to ask for a seat on the board if Bankia so wish. Certainly enough for Spain to be able to exert influence behind the scenes if they so wish. A long way from having any kind of management control