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スペインのカタルーニャ地方の3つの信用金庫のCaixa Catalunya, Caixa Manresa,Caixa Tarragonaが2009年7月に合弁したCatalunya Caixa は、過剰な不動産投資のために120億0000'0000ユーロの不良債権を抱え、合計29億6800万0000ユーロの公的資金の注入されて2011年に国有化され、2011年には13億3520万0000ユーロの赤字
La caja que se montó en el ladrillo
La antigua Caixa Catalunya se propuso construir cuatro millones de metros cuadrados de casas
El control de riesgos dependía del área comercial
Lluís Pellicer Barcelona27 JUN 2012 - 21:03 CET
The box was mounted on the brick
The former Caixa Catalunya decided to build four million square meters of houses
Risk control depended on the commercial area
Barcelona Lluís Pellicer 27 JUN 2012 - 21:03 CET
The former Caixa Catalunya decided to build four million square meters of houses
Risk control depended on the commercial area
Barcelona Lluís Pellicer 27 JUN 2012 - 21:03 CET
The property fairs are no longer the preserve of the promoters. His success story is already far behind, and now the banks, the new large estate, occupy that space. CatalunyaCaixa usually disembark these enclosures with an array of commercial houses leading from the Pyrenees to a mega second homes in Portugal's Algarve. The overhead of brick was one of the reasons that led to the second box was the Catalan-product of the merger of Caixa Catalunya, Manresa and Tarragona, to specify an injection of public funds of 2,968 million through loans and equity since its nationalization last year.
The strong promoter activity of the entity, a strategy of territorial expansion linked to mortgage lending, excessive reliance on the interbank market and risk control that sources close to the entity defined as "very lax" put on the ropes to the old box. The burden of estate still hampers the income statement. Last year saw a Banc Catalunya red numbers 1335.2 million against the results after carrying some extraordinary provisions of 1,505 million to meet the sanitation required by the Government. Without the burden of real estate sources say the company, Banc Catalunya is profitable, since this year is expected to generate a profit of 200 million before provisions.
32% of the mortgages had been given for an amount exceeding 80% of the appraised value of the home being financed
The current managers of the entity-owned as to 89.8% by the Bank Restructuring Fund (FROB) - with those provisions intended to clear his balance to continue their sales process, they wanted to close in July. However, the Bank of Spain has postponed the auction of the bank to meet your exact needs capital. Industry sources who have agreed to ensure that notebook sales are a minimum requirement of 5,000 million euros. The current management, led by Adolf Todó, argue that 98% of bad loans, which stand at 12,000 million euros were granted before 2008.
BLACK HOLES OF BANKSI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite Novacaixagalicia
Always in the shadow of the transatlantic entity La Caixa, even tried to emulate the first case Catalan with a portfolio of industrial-, the former Caixa Catalunya, controlled by the Barcelona Provincial Council and piloted by Josep Maria Loza, was launched real estate adventure. In 2004, at the height of the brick, Caixa Catalunya was intended to promote more than four million square meters in the Mediterranean and Madrid at the hands of local developers that created the societies in which it participated in 50% with Procam subsidiary. Partners include Armillary, Pull and Prasa. Spain soon outgrew and jumped to Portugal with Prasa to build a macro residential prepared landing in Eastern Europe and allied with Premier to build apartments in Paris.
Industry sources explain that the overall strategy was "disastrous." Many of these alliances were blown as the promoters were found on the spot or asked the bankruptcy. Sometimes a "reputational issue," say these sources, the company bought half the shares he had his partner. "They went from having 50% of the problem to be 100%", these people say. And again, they add, not only stayed with ground floors, but also with the debts of the partnership.
The organization ended 2008 with the highest default rate of the system, from 1% to 5.28% in one year
The building of new promotions and was a way to grow: a new neighborhood, a new office. But the box was launched to an expansion to other communities based on pay, especially for mortgages and developers, often without any guarantee that the revaluation was to experience this property. Between 2003 and 2007 the organization opened some 300 offices, especially in Andalusia, Madrid, Valencia and Murcia. At the same time, the entity is poured on lending to developers, who just called for equity. This increase in credit, up to 30% and was accompanied by a weak risk control, which in fact depended on the commercial area. For example, 32% of mortgages had been given for an amount exceeding 80% of the appraised value of the home being financed. "In Caixa Catalunya were two social work, the truth and give credit without asking for anything," says a counselor.
To top it off, the only government controlled bodies such activity. In a recent interview at 8TV, the president of the box Narcis Serra said that when he took office in 2005, decided to teach an hour to members of the Board because they "were not prepared to follow the evolution accounts or of the box. " Serra and his predecessor, Antoni Serra Ramoneda, have criticized the boxes are thrown to the expansion, but the warrant because the rest did the same. Narcis Serra, also notes that such euphoria in real estate began with the fiasco of the purchase of the insurance of MNA, which would recoup the fast lane.
The work of the organization today is to find a buyer and try to keep your trademark
With the bursting of the housing bubble and financial crisis, delinquencies soared. The organization ended 2008 with the highest default rate of the system, from 1% to 5.28% in one year. In January of that year, Loza had left the box with a compensation of 10 million euros. In its place came the team led by Todó, who also generated controversy by "posocupación provision" of 3.55 million.
The box then began a policy of selling heavily discounted property, payment in kind to its customers and the reorganization of the entire real estate group to hold off the late payment. He managed to stop the escalation and in July 2009, all piloted the merger with the boxes of Tarragona and Manresa, for which required an injection of 1.250 million from FROB to start sanitized. In a second round last year, received 1.718 million and was nationalized. The work of the organization today is to find a buyer and try to keep their trademark. And, of course, continue getting rid of all the brick out of his backpack.
The Government looks forward integration in Sabadell
Although the merger of banks materialized in 2010, five years ago already devised a fusion of the three boxes linked to the Provincial of Barcelona, Tarragona and Girona. That plan did not work, and joined Caixa Manresa operation, the entity that had fewer problems. Although the Bank of Spain preferred to mergers between entities of various communities, combining the healthy and the sick, the Government pressed to maintain maximum financial capacity in Catalonia. And yet, the boxes Penedès Laietana and ended up in the orbit of groups from other communities.
Today the future of CatalunyaCaixa is a major concern of the Government, which fears losing the second box was Catalan. The Executive Artur Mas and crave Catalan business, while encouraging, a major merger between the entity and Banco Sabadell. And indeed, the bank president Josep Oliu is one of six organizations that had requested information for a possible bid for the company. However, the Sabadell conditions any purchase to the profitability and value creation for shareholders.
CatalunyaCaixa is most interested to find dance partners, with plans to maintain its trademark. Although problems still dragging a portfolio prior to 2008 that has led to require public funds, the case holds that continues to increase fundraising while continuing zafándose of buildings. "The project, without backpack estate, is sound and viable. Proof of this is that in 2011, without provisions in real estate, operating margin was positive regular of 304 million euros", says the company.
The strong promoter activity of the entity, a strategy of territorial expansion linked to mortgage lending, excessive reliance on the interbank market and risk control that sources close to the entity defined as "very lax" put on the ropes to the old box. The burden of estate still hampers the income statement. Last year saw a Banc Catalunya red numbers 1335.2 million against the results after carrying some extraordinary provisions of 1,505 million to meet the sanitation required by the Government. Without the burden of real estate sources say the company, Banc Catalunya is profitable, since this year is expected to generate a profit of 200 million before provisions.
32% of the mortgages had been given for an amount exceeding 80% of the appraised value of the home being financed
The current managers of the entity-owned as to 89.8% by the Bank Restructuring Fund (FROB) - with those provisions intended to clear his balance to continue their sales process, they wanted to close in July. However, the Bank of Spain has postponed the auction of the bank to meet your exact needs capital. Industry sources who have agreed to ensure that notebook sales are a minimum requirement of 5,000 million euros. The current management, led by Adolf Todó, argue that 98% of bad loans, which stand at 12,000 million euros were granted before 2008.
BLACK HOLES OF BANKSI. Caja Castilla-La Mancha, notice that no one wanted to hearII. Cajasur, the case of the Church, also joined the party of the brickIII. "The worst of the worst" was the CAMIV. Managers out of control and docile political dynamite Novacaixagalicia
Always in the shadow of the transatlantic entity La Caixa, even tried to emulate the first case Catalan with a portfolio of industrial-, the former Caixa Catalunya, controlled by the Barcelona Provincial Council and piloted by Josep Maria Loza, was launched real estate adventure. In 2004, at the height of the brick, Caixa Catalunya was intended to promote more than four million square meters in the Mediterranean and Madrid at the hands of local developers that created the societies in which it participated in 50% with Procam subsidiary. Partners include Armillary, Pull and Prasa. Spain soon outgrew and jumped to Portugal with Prasa to build a macro residential prepared landing in Eastern Europe and allied with Premier to build apartments in Paris.
Industry sources explain that the overall strategy was "disastrous." Many of these alliances were blown as the promoters were found on the spot or asked the bankruptcy. Sometimes a "reputational issue," say these sources, the company bought half the shares he had his partner. "They went from having 50% of the problem to be 100%", these people say. And again, they add, not only stayed with ground floors, but also with the debts of the partnership.
The organization ended 2008 with the highest default rate of the system, from 1% to 5.28% in one year
The building of new promotions and was a way to grow: a new neighborhood, a new office. But the box was launched to an expansion to other communities based on pay, especially for mortgages and developers, often without any guarantee that the revaluation was to experience this property. Between 2003 and 2007 the organization opened some 300 offices, especially in Andalusia, Madrid, Valencia and Murcia. At the same time, the entity is poured on lending to developers, who just called for equity. This increase in credit, up to 30% and was accompanied by a weak risk control, which in fact depended on the commercial area. For example, 32% of mortgages had been given for an amount exceeding 80% of the appraised value of the home being financed. "In Caixa Catalunya were two social work, the truth and give credit without asking for anything," says a counselor.
To top it off, the only government controlled bodies such activity. In a recent interview at 8TV, the president of the box Narcis Serra said that when he took office in 2005, decided to teach an hour to members of the Board because they "were not prepared to follow the evolution accounts or of the box. " Serra and his predecessor, Antoni Serra Ramoneda, have criticized the boxes are thrown to the expansion, but the warrant because the rest did the same. Narcis Serra, also notes that such euphoria in real estate began with the fiasco of the purchase of the insurance of MNA, which would recoup the fast lane.
The work of the organization today is to find a buyer and try to keep your trademark
With the bursting of the housing bubble and financial crisis, delinquencies soared. The organization ended 2008 with the highest default rate of the system, from 1% to 5.28% in one year. In January of that year, Loza had left the box with a compensation of 10 million euros. In its place came the team led by Todó, who also generated controversy by "posocupación provision" of 3.55 million.
The box then began a policy of selling heavily discounted property, payment in kind to its customers and the reorganization of the entire real estate group to hold off the late payment. He managed to stop the escalation and in July 2009, all piloted the merger with the boxes of Tarragona and Manresa, for which required an injection of 1.250 million from FROB to start sanitized. In a second round last year, received 1.718 million and was nationalized. The work of the organization today is to find a buyer and try to keep their trademark. And, of course, continue getting rid of all the brick out of his backpack.
The Government looks forward integration in Sabadell
Although the merger of banks materialized in 2010, five years ago already devised a fusion of the three boxes linked to the Provincial of Barcelona, Tarragona and Girona. That plan did not work, and joined Caixa Manresa operation, the entity that had fewer problems. Although the Bank of Spain preferred to mergers between entities of various communities, combining the healthy and the sick, the Government pressed to maintain maximum financial capacity in Catalonia. And yet, the boxes Penedès Laietana and ended up in the orbit of groups from other communities.
Today the future of CatalunyaCaixa is a major concern of the Government, which fears losing the second box was Catalan. The Executive Artur Mas and crave Catalan business, while encouraging, a major merger between the entity and Banco Sabadell. And indeed, the bank president Josep Oliu is one of six organizations that had requested information for a possible bid for the company. However, the Sabadell conditions any purchase to the profitability and value creation for shareholders.
CatalunyaCaixa is most interested to find dance partners, with plans to maintain its trademark. Although problems still dragging a portfolio prior to 2008 that has led to require public funds, the case holds that continues to increase fundraising while continuing zafándose of buildings. "The project, without backpack estate, is sound and viable. Proof of this is that in 2011, without provisions in real estate, operating margin was positive regular of 304 million euros", says the company.
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