All EOS blogs All Spain blogs  Start your own blog Start your own blog 

The Spanish Eye

This is a blog that you’re not going to find anywhere else. Here you have an opportunity not only to improve your Spanish but engage in real Spanish culture. Follow Diego’s blog and keep up-to-date with the Spanish perspective of life in Spain. Diego will keep it simple and we’ll have a summary in English every week

Spain's CAM bad debt triples after housing collapse
23 October 2008 @ 16:22

 Non-performing loans at Valencia-based savings bank CAM more than tripled to 3.2 percent in September from 1 percent a year earlier following the collapse of Spain's coastal construction and property boom.

Caja de Ahorros del Mediterraneo (CAHM.MC: Quote, Profile, Research, Stock Buzz), Spain's only publicly traded savings bank, on Thursday said it faced complex financial conditions but reported a 5 percent increase in net profit to 301.5 million euros ($387.6 million) in the nine months to September.

Savings banks in Spain's Mediterranean region lent heavily to real estate and construction companies which now account for over 25 percent of all defaults as house sales and prices fall.  Source: Reuters

Like 0


Only registered users can comment on this blog post. Please Sign In or Register now.


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x