Failed Spain bank CAM logs 2.7 bn loss in 2011
09 February 2012 @ 12:29
Failed Spanish savings bank Caja Mediterraneo announced losses of 2.713 billion euros ($3.6 billion) in 2011, in a financial statement released Wednesday.
The bank known as CAM, formerly Spain's 10th biggest, was taken over by Banco Sabadell as part of a shake-up to stabilise the financial sector which was hit hard by the collapse of a building boom in 2008.
Its earnings figures filed to the Spanish stock market authority on Wednesday night showed it had taken a hit of 2.383 billion euros from the fall in value of its financial assets, leading to a net loss for the year of 2.713 billion.
Spanish banks are lumbered with housing loans that turned bad after the collapse and properties that have lost value.
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