4 April 2016 – WSJ
Executives at Spain’s “bad bank” said Thursday that the entity is shifting into a higher gear and will try to increase sales to investors over the next year.
The bank, known by its Spanish acronym Sareb, announced that it sold 11,256 real estate assets in 2015, including homes, undeveloped pieces of land and commercial property. That represents a 26% decline from 2014.
Sareb was created by the Spanish government in November 2012 as a depository for the most troubled Spanish banks to unload €51 billion ($58 billion) in risky real-estate-related assets. The banks that unloaded their assets were either fully nationalized or had received some state funds as Spain sought to right a banking sector that was going belly up.
Original story: WSJ (by Jeannette Neumann)
Edited by: Carmel Drake