Rato and other Bankia officials face fraud probe

Former Bankia chairman Rodrigo Rato will be called before Spain's high court as part of a fraud inquiry

Former International Monetary Fund chief Rodrigo Rato is one of 33 current and former officials at Spanish lender Bankia who are facing a fraud inquiry.

Mr Rato, who is Bankia's ex-chairman, and the others are accused of fraud, price-fixing and falsifying accounts.

The case opened in the High Court in Madrid after a lawsuit was brought by a small political party, UPyD.

The government took control of Bankia in May when it became insolvent after large losses from risky home loans.

Former Bank of Spain governor Miguel Angel Fernandez Ordonez will also be called as a witness in a court case that goes to the heart of the scandal, which has caused widespread public outrage.

Bankia's collapse is largely blamed for forcing the Madrid government to seek a rescue package of up to 100bn euros from the EU last month.