Sareb to Submit Claims to Stave Off the Fine in Andalusia

17/02/2014 – Expansion

Sareb explained to the regional Government of Andalusia that in a very short time (2 months) it received over real estate assets and it needed more than a year to collect information and register them. (…).

Along with the search for purchasers, the bad bank is obliged to register each property, enter it in a land registry and render an account of it to corresponding authorities. Due to the great trouble arising from transfer of such a number of assets, Sareb begs Andalusian government and other regional administrations for “considering the case exceptional”.

By now, all the authorities have understood Sareb´s situation, except for the regional Government of Andalusia that insits on penalizing the bad bank for not meeting the legal requirements stated in the social housing provisions.

As an owner of 911 subsidized houses, Sareb (…) would have to pay a €109.4 million fine.

At the margin of the process, Andalusia is negotiating with the entity chaired by Belen Romana granting “affordable” dwellings that Sareb included in its plan to let 2.000 houses for social housing. (…).


Original article: Expansión (Efe)

Translation: AURA REE