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CAM Bank review of debts underway

Source: El Mundo - Mon 1st Aug 2011

According to Spanish national newspaper, the Bank of Spain are reporting that CAM Bank (Caja de Ahorros del Mediterraneo) has losses amounting to at least 2 billion euros .

On Wednesday last week the central bank stepped in to cover CAM's Ä2.8 billion capital requirement, also extending a credit line of a further Ä3 billion in order to make the Banks more attractive to a potential buyer.

An analysis of Alicante based CAM bank's balance sheets will take place later this month, together with a restructure of credits and provisions for credits of poor quality will explain the losses, the newspaper said.

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