Sareb to Dissociate Itself From Influence Peddling & Name Dishonest Politicians

20/08/2014 – El Confidencial

After a year and a half of its lifespan, Sareb has approved ´the third party and unique group relations´code. The idea is to create a set of rules in order to guarantee the internal procedures will not be affected by favors of any sort done by ´banks and people of the public, economic, mediatory or social importance´ to the third parties.

With this measure, the bad bank´s team led by Belen Romana wants to discourage all those institutional discussion partners having power proceeding from their public office who attempt to facilitate or bring forward processes with use of their position proposed to Sareb´s leaders. ´More than once, some politician came to speak on behalf of a private investor to make an individual appointment or obtain information about some asset´, openly admits an ex-executive of the bad bank.

In turn, Sareb claims: ´we strive at a complete transparency so that none of our decision could be questioned´. To achieve that, the company is going to create a registry of all people who rehearse influence peddling with the bad bank or any of its servicers. Their names will not be hidden.

Every employee of the bad bank will have to report a suspicious contact/offer attempt, as well as identifying the person behind the middle-man. ´With this pioneer measure, we establish the suit how to deal with influential groups of individuals´, sources from Sareb say with pride.


Original article: El Confidencial (by Carlos Hernanz)

Translation: AURA REE