Sareb puts is second big portfolio in the market. The bad bank has opened a new process to get rid of a lot of assets for 1200 million Euros. The portfolio would be made of loans from Metrovacesa, Realia and Colonial. The guiding offers could arrive next week. The operation, called Bermuda, joins the portfolio Bull, a process which is already at its final stage. The volume of the latter reaches 200 million Euros, in finished properties and under construction ones in Valencia and Andalusia.
The closure of these operations would provide Sareb with a boost in its sales, as it has a target of 1500 million Euros in transactions this year.
The European Commision and the ECB mentioned the commercial activity of the company and the pace of its sales in a report on the rescue on banks. “The preliminary results of the first quarter show a slower pace of sale of transferred assets than expected”, they point out. They base this on “operative difficulties” linked to the launch of the company, but also on “price policy which is extremely strict”. They determine, however, that sales have improved and that they will continue doing so once Sareb “starts being more flexible on prices”. The bad bank has established weekly targets to the transferring banks in order to monitor the sales.
The Commission and the ECB indicate that it is necessary that Sareb ends “rapidly” the due diligence of its nearly 200.000 assets. When it finishes in August, the business plan will be revised based on this analysis. They also warn of the competence of other banks, which are applying “very aggressive commercial policies”.
The troika stands out that Sareb has carried out different resistance tests that show it would maintain adequate levels of capital in different unfavorable scenarios, with negative evolutions in prices and sales.