Sareb Sells 9.000 Properties in 2013 Generating Cash Flow of 3.500 Million Euros

At the Congress of Deputies meeting, Luis de Guindos, the Minister of Economy, among other crucial information about the bad bank  summarizing the year 2013, highlighted that Sareb sold 9.000 properties last year, which means cash flow generation of more than 3.500 million Euros. (…)

Guindos also emphasized that in the first year of its activity, Sareb managed to shape its organizational structure and initiate the asset liquidation. (…)

Acting in accordance to its three-fold strategy, Sareb had a chance to address the product to various investors´profiles and sell the 9.000 properties (…).

In 2014 the bad bank will have to face new important challenges, such as asset management, property maintenance or completion of the halted developments. (…)

The minister adds that nowadays the Spanish banks are capable to “back the economy rebound and minimalise the banking and sovereign risk.” (…).   The financial reform “gives an example to other restructurations” in Europe and has prepared the sector for taking the tests of the European Central Bank (…).

“Spanish banks improved their solvency and liquidity (…) and recovered their access to the financial wholesale markets, like for instance Bankia or BMN” (being in the State´s hands). (…)

If it comes to the plans of the banks controlled by the Banking Restructuring Fund (FROB), De Guinos pointed out their “proper compliance” and that the Government has already started to divest in them. (…)

Source: Finanzas