The biggest lenders in Spain are not ready to risk one cent for the CAM. First of all, they are unsure about its debt. Second, economic circumstances and current markets implore lenders to act prudently. So they are only ready to make bids if the deal is deemed healthy. Some lenders have already sent this message to the Bank of Spain: that they have created an unhealthy bank with assets worth more than 17 billion euros (homes, real estate credits, property developer capital).
Lenders will take on toxic assets from the CAM, excluding those sold at auction, and therefore would fall under the umbrella of the Fund of Ordered Bank Restructuring (commonly known as the Frob).
According to sources in the industry, this model was already used with the CCM, whose industrial portfolio (the Manchegan lender's main problem) was excluded from the package that Cajastur ultimately negotiated and is now property of the Fund of Guaranteed Deposits (FGD following the Spanish acronym). Still, the same sources point out that there was a different legislature working then and the world economy's situation was different as well.
