“The CAM deal is important and significant. In addition to the 5.25 billion euros supplied by the deposit guarantee scheme, the purchaser receives a guarantee for 80% of the losses incurred in the future on the property portfolio (also from the deposit guarantee scheme). Effectively this is a tax on the banking system in order to save the governments fiscal deficit. Many will welcome this, but those banks who are struggling already will only end up struggling more as a result of this deal.”
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