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npl-reo Market News: Spanish Real Estate Intelligence

Covid-19 Leads to Suspension of Payments on €39 Billion in Loans
29 June 2020 According to the Bank of Portugal’s latest Financial Stability Report, Portugal’s eight largest financial institutions have an overall exposure to loans with suspended payments, due to the coronavirus, of approximately 39 billion euros, including both public and private debt. The total exposure corresponds to about 22% of the total amount of loans to both companies and individuals. Instalments on roughly 29% of corporate loans have been suspended, while payments on about 17% of loans to individuals have been temporarily halted. Original Story: Dinheiro Vivo - Paulo Ribeiro Pinto Translation/Summary: Richard D. Turner
 
Eurozone Banks Halt Dividend Payments Due to Covid-19
26 May 2020 Eurozone banks called off payments of roughly €27.5 billion in dividends after the European Central Bank's (ECB) recommendation to retain profits to increase the sector's capital in the face of the current lockdown. The ECB recommended that banks not pay dividends for the 2019 and 2020 financial years while the pandemic lasts. Of the total amount of dividends the banks planned on disbursing for the 2019 financial year, more than three-quarters, or approximately 27.5 billion euros, were retained. The financial institutions had already paid out €6.2 billion in dividends when the ECB issued the recommendation. Portuguese banks that cancelled dividend payments include the Caixa Geral de Depósitos, BCP, Santander and BPI. The four banks have already provisioned more than 200 million euros as a buffer for the deteriorating economic scenario. Original Story: Economia Online - Alberto Teixeira Translation/Summary: Richard D. Turner
 
UCI Portugal Launches €385-Million RMBS Fund
11 May 2020 The Portuguese arm of UCI (Unión de Créditos Inmobiliarios), an equally owned joint venture by BNP Paribas Group and Banco Santander, has launched its first fund with residential mortgage-backed securities (RMBS) in Portugal. The €385-million fund is called RMBS Green Belém 1. This deal marks the first such operation in Portugal since 2008.  The fund's assets consist of mortgage loans generated between 2009 and 2019 for 4,000 families with a current LTV (loan-to-value) of 60.6%. The portfolio's assets are primarily concentrated in Lisbon (55.4%). The securitization includes an option for UCI to wind up the fund at the end of the fifth year, the duration initially planned for the operation. DBRS Ratings and Fitch Ratings have assigned RMBS Green Belém 1 AA high/AA ratings, respectively. The ratings are the highest level possible in Portugal for this type of operation, six levels above the country's sovereign rating. Original Story: Jornal Económico - Maria Teixeira Alves Translation/Summary: Richard D. Turner