Adios CAM!

In English in El Pais: 

http://www.elpais.com/articulo/english/Central/bank/takes/control/of/Caja/Mediterraneo/elpepueng/20110722elpeng_8/Ten

Now to be known as Banco CAM, the regional savings bank needs a €2.8 billion euro rescue and a credit line made available of €3 billion. It will be 80% state owned. Elena Salgado assures us this will ensure the bank continues to operate as normal. I´d say with losses like that, the last thing anyone needs is the bank operating as normal.

Anyone any idea if this will affect repossessions etc? I know they´ve been one of the most aggressive banks, now the balance sheet is public it is not hard to see why.

Would be interested to know if this affects the ordinary Cam customer or anyone with a mortgage with them.

In what way do you think it might affect  reposessions Orinoco ? Will it make them more likely to help struggling customers or more likely to reposess ? They already have alot of reposessed property on their books.

Will it change their attitude to their customers ? I hope so !

 I´ve no idea what it will mean for those that are facing repossession and I´d hate to give anyone false hope. If they´ve been aggressive in the past I assume it is because they have been desperately trying to shore up their capital reserves. One would like to think that now they have received this huge cash injection they might treat those cutomers that are genuinely struggling to meet their committments with a bit more civility. However, it is only the board of directors that have been replaced, I imagine the local branch managers will continue on as before unless they are instructed to do otherwise.

I´m purely speculating, but I´d guess that anyone already involved in a legal battle with them isn´t going to see any benefit whatsoever. However, those that haven´t yet fallen too far into arrears might find a slightly more sympathetic ear in their local branch and perhaps find a way to restructure their repayments now that the bank has some liquidity.

Then again, banks are a law unto themselves.

Absolutely right Orinoco - Banks are a law unto themselves.

CAM, or should I say Banco CAM as it will now be known, has acted as if it is above the Law for many years!

Kind regards

Keith