Tag Archives: loan

Cajamar offloads 400 million euros in bad loans for 7,5 M in cash

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Local cooperative bank Cajamar has rolled up some 400 million euros in bad loans into one big package and has sold them for seven and a half million euros in cash to Haya Real Estate, a mainly US backed investment vehicle. This is the second big operation with that company for the bank, after it sold Haya its real estate platform “Cimenta2” for 225 million euros last year. The loans in question were all granted Continue reading Cajamar offloads 400 million euros in bad loans for 7,5 M in cash→

Overdraft fees can’t be above 2% rules Supreme Court

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The Supreme Court of Spain today ruled that non mortgage overdraft and non-payment fees from banks can be more than 2% above the base rate. The ruling came after a test case by Santander bank (which it has now lost) and is based on EU rules. The sentence rules that in personal loans, which are not mortgages, taken out by private individuals, defaulting fees that are more than 2% above the base rate are abusive Continue reading Overdraft fees can’t be above 2% rules Supreme Court→

Cajamar lends DCoop fruit 110 million euros at 1.5% interest

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(It’s worth pointing out that the president of DCoop, Antonio Luque, is a Vice President at Cajamar). Not that anybody is suggesting a conflict of interests or anything, but even Antonio himself couldn’t believe his good luck: he told local media that “it was a fantastic rate, no other bank could come close”. Well, when it’s the same bloke asking and giving other peoples money… No, that’s unfair, I’m sure the credit was properly risk Continue reading Cajamar lends DCoop fruit 110 million euros at 1.5% interest→

Corvera airport saved from defaulting in last minute Madrid deal

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Corvera airport has had a last minute injection of 40 million euros by the Spanish state to stave off bankruptcy after it failed to meet payments on a loan of 200 million euros which is now due. Aeromur, the controlling company for the unopened Murcian airport, had declared intention of bankruptcy in an attempt to force Murcia region to pay the debt. Murcia had refused, despite being the underwriter for the debt. The 40 million Continue reading Corvera airport saved from defaulting in last minute Madrid deal→

Cajamar: mortgage floor abolished for all, but 15% default of loans…

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Expect higher sneak commissions from Cajamar over the next few months after the rural bank admitted that defaults on loans have soared to 15,10%. The admission comes as Cajamar admits this is impacting its ability to keep offering credit lines to customers. It’s total amount of loans on offer have sunk to 34 billion euros. Although part of the increase is down to new accounting rules from the Bank of Spain (ie, they can’t sweep Continue reading Cajamar: mortgage floor abolished for all, but 15% default of loans…→

Unicaja gets Banco CEISS for free, taypayer pays the 525 million euro debt

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The State has approved a deal in which Unicaja, Andalucia’s biggest savings bank, takes on Banco CEISS without paying a eurocent. Banco CEISS was formed out of the ruins of Caja España and Caja Duero. It too, promptly went bankrupt. The taxpayer has so far injected 525 million euros into this trainwreck. However, Unicaja has, very sensibly, refused to accept ANY of the liabilities of CEISS. Instead, all assets of CEISS will be turned over Continue reading Unicaja gets Banco CEISS for free, taypayer pays the 525 million euro debt→

Banks face highest levels of default since 1994

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Spain’s banks had 155.84bn euros (£122bn) of loans on their books in May that are at risk of not being repaid, the highest since 1994, according to the Banco de España, meaning that levels of debt are now running at around 9% of all loans. On top of that, the total amount of loans issued by banks is now at historic lows: Spanish banks authorised just 1,74 billion euros of loans in May, a 3.33% Continue reading Banks face highest levels of default since 1994→