Journal of Mathematical Logic, Volume 22, Issue 02, August 2022. We show that every definable nested family of closed and bounded subsets of a P-minimal field K has nonempty intersection. As an application we answer a question of Darnière and Halupczok showing that P-minimal fields satisfy the “extreme value property”: for every closed and bounded subset [math] and every interpretable continuous function [math] (where [math] denotes the value group), f(U) admits a maximal value. Two further corollaries are obtained as a (...) consequence of their work. The first one shows that every interpretable subset of [math] is already interpretable in the language of rings, answering a question of Cluckers and Halupczok. This implies in particular that every P-minimal field is polynomially bounded. The second one characterizes those P-minimal fields satisfying a classical cell preparation theorem as those having definable Skolem functions, generalizing a result of Mourgues. (shrink)