The European Union (EU) could confirm in the next two weeks the acquisition of CAM Bank by Banco Sabadell, an entity in which the Deposit Guarantee Fund has pumped 5.249 million euros that will not recover, because the selling price will be one euro.
This was announced today one of the managers of the Bank Restructuring Fund (FROB) in CAM Bank, Jose Antonio Iturriaga, who has begun a round of appearances before the inquiry commission of the Valencian Parliament on action by Caja Mediterraneo (CAM) by the Bank of Spain.
During today’s meeting should have also appeared two interim managers, although the appearance of the first was so meticulous that commissioners have decided to extend the speaking time of Iturriaga and cancel the other two to be about the same issues.
Iturriaga recalled that on December 15 accordion operation materialized enlargement and reduction of capital by 2,800 million and the second will materialize when it is authorized by the European institutions, 2.449 million euros, which in Total 5.249 million will have been injected.
He explained that since the award by auction of Banco CAM FROB administrators have managed in partnership with Banco de Sabadell through the monitoring committee, so that all decisions have been agreed on major items, such as loans and receivables or divestments.
Thus, said that since that award CAM Bank is “co-managed” by Banco Sabadell, although administrators are responsible for FROB.
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