Sareb Appeals Against Fine Imposed by Andalusia Authority

24/11/2014 – Expansion

Sareb, Spains bad bank, responded to the €120.000 sanction imposed by Junta de Andalucía for not having met the reporting requirements established by the local Development and Housing Department.

The bad bank explained that it had handed over an additional list of its 98 subsidized units owned within the region, based on an inquiry to property registers clerks. Sareb said delay had rooted in the fact that in April 2013 it was still fledging and could not meet the obligations at the moment of buying the huge 200.000-asset portfolio.

Although Sareb originally was said to have had around 911 dwellings in Andalusia, the number was calculated upon other regional figures, the bad bank explained. Therefore, it reckons the fine is ‘absolutely disproportioned’.


Original article: Expansión

Translation: AURA REE