The Associated Press

El presidente de Bankia, Josñe Ignacio Goirigolzarri, en una conferencia en la sede madrileña del banco nacionalizado el sábado, 26 de mayo del 2012. Bankia le ha costado al erario español 30.500 millones de dólares, pero Goirigolzarr sostienen que no necesitará más. (Foto AP/Antonio Heredia)

By HAROLD HECKLE Associated Press

MADRID (AP) — Troubled Spanish lender Bankia will treat the €23.5 billion ($29.5 billion) in state aid it will receive in the country’s biggest-ever bank bailout as an investment meant to make a profit for the Spanish government and not as a loan, its president said Sunday.

Jose Ignacio Goirigolzarri appeared to be trying to reassure markets after the Spanish media questioned what he had meant by saying a day earlier: ‘‘We don’t need to talk about giving any of it back.’’

In a statement Sunday, he said Bankia’s obligation is ‘‘not to return that capital but to be able to generate value and profitability for that contribution.’’

Goirigolzarri said the Spanish state would decide ‘‘when it deems appropriate, and through the mechanism it chooses,’’ when to sell its stake in Bankia to obtain the highest possible price to benefit taxpayers.

Bankia is stuck with €32 billion ($40 billion) in toxic assets on its books from loans in the property sector before Spain’s real estate bubble burst.

The Bank of Spain has estimated that the country’s banks are sitting on some €180 billion ($233 billion) in assets that could cause them losses.