MADRID .- CAM Cajastur and traded throughout the weekend to resolve their differences regarding the need to apply for public funds to meet capital requirements set by the Government and maintain the Bank Base unit, industry sources said.
Asturian box-Alicante and Murcia are in disagreement over the valuation of assets of the CAM, after it had issued to the Institutional Protection System (SIP) results worse than expected, with a delinquency rate of 9% and a high exposure to real estate.
According to the calculations of the Bank of Spain, Bank Base-encompassing Cajastur, CAM, Caja Cantabria-Caja Extremadura requires a total of 1,447 million euros to meet the capital requirement of 10% threshold that moves away by 1.8 percentage points.
The Bank's initial plans for his Base jump went to the park, but the board has not taken any agreement to begin the process of IPO, and leans Cajastur today by resorting to assistance from the Bank Restructuring Fund (FROB) to fill the gap of capital.
According to the entity that leads Manuel Menendez, CAM numbers overshadow the flotation of the group and would lower cost to public funds go, as the FROB make a more accurate assessment of the reality that market, according to the polls.
In this regard, partners led by Bank Base Cajastur CAM support it assumes that most of the weight of the action of Frob aid, which involve the partial nationalization of the entity and the entry of directors of this organization in the bank.
For its part, the box Alicante attributed the discrepancies Cajastur intended to reduce the weight of the CAM in the merger, according to financial sources, and officially argues that no conflict within the SIP.
Both the Bank of Spain and the English Confederation of Savings Banks (CECA) are mediating to avoid failure of the merger of Bank Base, to be submitted by Monday its plan to recapitalize the body president Miguel Angel Fernandez Ordonez, like all entities that do not meet new capital requirements.
The SIP is owned by CAM Cajastur and 40%, respectively, and by Caja Extremadura (11%) and Caja Cantabria (9%), and was created with the objective to allow these entities to become efficient and reliable group in the English financial system.
The group is structured around a central body, provisionally named Bank Base is headquartered in Madrid, which participating banks have delegated all powers necessary for the effective management and administration unit of the SIP and have decided to transfer its banking business.
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