Serious bank boardroom meetings in Madrid yesterday afternoon to decide the future of some Caja’s including CAM.
Word on ‘the street’ is CAM requires a cash injection of €3bn. That figure and the extent of toxic property holdings at the bank broke the back of the merger deals. CAM was a major financier of Polaris World.
The latest rumour is that Banco Santander may take over CAM but nothings confirmed. The government will have to act soon. Incidentally in the last Spanish Bank stress tests CAM sailed through. As discussed at the time on here those stress tests were fatally flawed. Even the Irish banks came up smelling of roses.