スペイン政府は、悪銀行(不良債権処理銀行)の規模を最大900億0000'0000ユーロに制限
El Gobierno limita el tamaño del banco malo a un máximo de 90.000 millones
El Ejecutivo espera aprobar la ley el viernes 16 de noviembre
La entidad, que se llamará "Sareb", tendrá un tercio de consejeros independientes
Además de activos inmobiliarios podrá recibir créditos a pymes e hipotecas
M. J. / í. DE B. Madrid 17 OCT 2012 - 16:58 CET
The Government limits the size of the bad bank to a maximum of 90,000 million
The government is expected to approve the bill on Friday, November 16
The entity, to be called "Sareb", will have a third of independent directors
In addition to real estate may receive loans to SMEs and mortgages
M. J. / T. DE B. Madrid 17 OCT 2012 - 16:58 CET
The government wants to pass on Friday November 16 develops the royal decree creating the bad bank at which counterparties may transfer their toxic real estate assets, as reported by sources from the Ministry of Economy. The Government has raised public consultation the text to pass and he fixed the transfer value of the assets to be transferred "shall not exceed 85,000 to 90,000 million euros, according to its book value at the time of the transfer ".
The aim is that the Council of Ministers approved in mid-November that the rule would be published the next day and come into force on Monday 19 November. To meet this schedule, the Ministry of Economy has risen today to public consultation until 25 October the draft royal decree.
The Government has raised public consultation the text to pass
The text states that consultation elevated plus real estate assets and loans to developers, in the bad bank, "the FROB may also order compulsory transfer of loans or consumer credit or SMEs, loans or mortgage loans secured by residential and any other assets not included in those paragraphs, provided that these assets are especially impaired or that their stay in balance is considered detrimental to the viability of the institution. " The appreciation of the concurrence of these circumstances require a previous report from the Bank of Spain. Also, the bad bank may receive input from institutional investors in other assets of a similar nature to the above.
The name of the bad bank, "Sareb"
The bad bank will be called Management Corporation assets from bank restructuring, SA, a name that is simplified as "Sareb", but does not correspond to its acronym. The Sareb be constituted by a limited period, to determine in its bylaws, which shall not exceed 15 years.
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May be shareholders of the FROB Sareb, banks, insurance companies, investment funds, and pension fund managers, companies and venture capital funds, mutual guarantee societies, foreign entities of similar character, the European Bank Investment, listed companies investment in real estate and other similar entities. "The acquisition of the shareholder by any other person or entity other than the above will require prior authorization from the Ministry of Economy and Competitiveness", says the statement. In any case, public participation may be less than 50% of the capital of the company.
The board of directors shall consist of a minimum of 5 and a maximum of 15 members. All board members shall be persons of recognized professional reputation and must have adequate knowledge and experience to perform their duties, what is required for a minimum of five years in senior management, direction, control or advisory bodies financial or similar responsibilities in other public or private entities engaged in real estate asset management.
At least one third of the members of the board shall be independent directors, as defined in the Code of Corporate Governance. Initially appointed to toe, but then the appointments shall endorse their independence.
A report every six months
Twice a year, the Sareb prepare a report detailing the activity in a systematic and easily understandable key data of their performance. The report will be made available to the public through the website of the Sareb.
Entity required to transfer assets to the bad bank, those requiring aid, shall transmit the toxic properties of more than 100,000 euros and loans of over 250,000 euros.
Specifically, they must pass foreclosed assets received in settlement of debts related to the financing of land for property development in Spain or the construction or financing of real estate in Spain, whatever their seniority in balance, provided they are included in the balances of credit institutions or any economic group company at June 30, 2012 and whose net book value exceeds € 100,000.
The pass over nationalized assets foreclosed or received in payment of debt related to the financing of land for development
Also loans or credits to finance land, for property in Spain or to finance construction or real estate developments in Spain, in progress or completed, whatever their age and accounting classification, loans or credits to companies in the property sector or companies related to them (or guaranteed directly or indirectly by them), they are classified into risk categories doubtful, substandard or normal loans or loans secured by instruments representing capital or debt securities of companies real estate or companies related to them, and shareholder loans granted to real estate companies or companies related to them, regardless of their age and accounting classification.
Also be transferred to the bad bank stocks, shares or capital contributions of real estate companies or companies related to them.
Reports to value assets
The Bank of Spain will determine the transfer value of the assets to be transferred to asset management companies on the basis of the estimated economic value by valuation reports commissioned from one or more independent experts. Economic value is defined as a "realistic estimate of the present value of an asset that the entity would obtain from a sale unforced maximizándose use of relevant observable market data and unobservable minimizing as much as possible."
The assessment made by independent expert or experts shall be based on the analysis of representative samples of the categories of assets that are to be transmitted, but will be made (no shows, but individually) valuations of all assets whose individual value exceeds the carrying the 20 million euros. This threshold may be amended by Bank of Spain Circular. Expenses relating to appraisals shall be borne by the transferor credit institution.
Part of the work, however, is advanced, because the report by an independent expert (Oliver Wyman) before the entry into force of the Royal Decree of the bad bank as part of the exercise stress test and evaluation of system assets Spanish financial valid for determining the value of transmission.
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