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Spain Real Estate News

What's really happening in the real estate world in Spain? The EOS Team are going to be keeping you up to date with everything that's happening from a market perspective.

Failed Spain bank CAM logs 2.7 bn loss in 2011
09 February 2012 @ 13:29

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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