Sareb celebrates today its shareholders´ meeting, the first one in its short history, as the bad bank started operating last December.
The main shareholder is the Banking Restructuring Fund, which controls 45% of the capital. It is the only public partner, as the remaining 55% is in the hands of 14 national banks (nearly all healthy banks except BBVA that refused to participate), two foreign banks (Deutsche Bank and Barclays Bank); ten insurance companies and the electric company Iberdrola.
All of them will meet tomorrow in the afternoon, in order to approve, among other things the accounts of 2012. In its first month of activity, Sareb lost 5,5 million Euros. In that period, the bad bank only had expenses related to its operational activity and the transfer of assets from the nationalized institutions from Group 1.
The shareholders will also vote the report regarding the remunerations of the institution. The Board of Administrators, made of fifteen members, earned in December 142.917 Euros, 33.000 of which corresponded to the salary of the president, Belén Romana. The general director, Walter de Luna, earned 32.083 Euros.
The annual remunerations of the upper echelon of Sareb cannot exceed 500.000 Euros annually, that is, the limit established by the Government for executives in banks that have received public aid.
Another matter that needs approval is the authorization on the Board to issue up to 20.000 million Euros in debt, with the corresponding instruments of fixed income. Sareb also needs to approve some changes in its statutes. The most important one is to obtain the authorization for those members of the board that wish to carry out complement activities to those in Sareb, so that the Sunday members of the board do not face incompatibilities. (…)