CAM Bank review of debts underway

 

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 €2.8 billion capital requirement, also extending a credit line of a further €3 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.