18/02/2014 – ExpansionPro
On Friday (21st of February), Sareb will launch another one-year issue in order to refinance the €4.225 million issue released last year and expiring on 28th February. The operation will bring Sareb a partial redeem for its debt (amount still unknown).
The debt reduction will be joined to the €2.000 million that Sareb amortized last year with view to refinancing the €10.481 million issue launched at the end of 2013 that brought savings of €528 million. The remaining €1.472 million amount was paid-off during negotitations with the entities that awarded the rest of the issues reaching €50.000 million.
Together with them, the bad bank acquired assets of Bankia, Catalunya Banc, Banco de Valencia, NCG and Liberbank in December 2012. Shortly after, it received another asset wave from BMN, Caja3 and Banco Ceiss.
The target of the company is to reduce gradually the financial scope via amortizations backed by the income from the property sales. (…).
The Managing Firm is exploring work streamlines to develop itself this year. The business plan for 2014 will regulate the “normal” activity of the bad bank, as the first year of its lifespan was marked by many structural and organizational troubles.
Sareb urged the Bank of Spain to provide it with fixed criteria necessary for the appraisal for its real estate asset portfolio. (…).
Original article: ExpansiónPro (Alisa del Pozo)
Translation: AURA REE