Bloomberg News

Spain’s Bank Rescue Fund Fires CAM’s Amoros as Probe Continues

September 28, 2011

Sept. 28 (Bloomberg) -- Spain’s bank rescue fund fired Maria Dolores Amoros, general director of Caja de Ahorros del Mediterraneo savings bank group, as it probes her pension awards and the seized lender’s accounts.

The fund, known as FROB, believes the Alicante, Spain-based lender disguised its true state during Amoros’s tenure, said a CAM spokesman, who asked not to be identified in line with company policy. Amoros was fired as FROB also probes the award of her annual 364,947-euro ($498,000) pension, the spokesman said in an interview.

The Bank of Spain took over CAM in July and put it under FROB administration after the lender posted a first-half loss of 1.14 billion euros and said its loan-default ratio had more than doubled to 19 percent since December. Today is the deadline for banks interested in buying CAM to make non-binding bids for the lender, which last week said that more than half its loans for property development had gone bad.

The CAM spokesman said he couldn’t provide contact details for Amoros, who has left the bank. Her name doesn’t appear in a phone book for the Valencia region. A spokesman for the Bank of Spain declined to comment.

CAM said in May that first-quarter profit fell 37 percent to 39.8 million euros from a year earlier, adding that only 8.5 percent of its loans were doubtful.

--Editors: Dylan Griffiths, Stephen Taylor.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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