And beyond Bankia the extent of toxic real estate loans remaining hidden in other banks is still not clear.

BBC: Spain moves to centre of eurozone crisis

As a result of these factors, valuing the securities holdings of venture funds is far less clear than valuing real estate in a pension portfolio.

FORBES: Pensions Funds: Funding Unsavory Practices of Venture Capitalists (May 1, 2000)

Morgan Stanley Chief Executive James Gorman has made it clear he is wary about investing large amounts of the firm's money in real-estate funds and similar risky businesses.

WSJ: Morgan Stanley Gears Up for New Property Fund