どうやって、スペインの不良債権(貸し倒れ)処理銀行(会社)(SAREB)は、不良債権の住宅や不動産を売るのか？
Los despojos de la burbuja
El ‘banco malo’ se enfrenta a su gran reto: cómo vender en 15 años las decenas miles de viviendas y terrenos que arruinaron a promotores y hundieron a las cajas
Muchas de esas casas están sin acabar, okupadas o con inquilinos
Rafael Méndez Madrid 26 MAY 2013 - 00:24 CET
The remains of the bubble
The 'bad bank' faces its greatest challenge: how to sell in 15 years the tens thousands of ruined homes and land developers and banks sank
Many of those houses are unfinished or tenants okupadas
Rafael Mendez Madrid 26 MAY 2013 - 00:24 CET
Bernardo Santiago recalls that alarmed saw how a worm coming through the nose of his daughter, a cute blonde two years. He lived in a shack and rains filled with bugs. It's been over a year. That day, about 40 Roma families The Blacksmith (Cuevas del Almanzora, Almería) decided they had had enough of shacks and caves. Since then occupy the 65 houses in the urbanization of Sequoia, which lifted the British Joel Homes with a credit of seven million that gave Bancaja and has the same fate as many horrors of the bubble: the bad bank.
"We saw how urbanization ransacked. It had doors, windows, sinks and outlets, while we lived in shacks. So we decided to settle here, "says James, 25. On a sunny day, quickly formed a huddle in the yard. The pool, blue tiles, without water, is a storehouse of gossip. The front doors have improvised because the original flew. There is a rooster whose pen is a shopping cart overturned on him. A swirl of children at the door scampers and a group of men playing boules.
Santiago is delighted in your household, he has had to engage light, make do a new door and replace the plugs. Gypsies have no property that has been there. "One day he appeared Civil Guard took us put names and numbers on the doors," said one, adding that they would be happy to stay in exchange for a minimum rent. Urbanization is not even attached to the sea or with good views. It's the year in which everything was sold.
More than 500 miles away, in a building of Paseo de la Castellana, Madrid's financial district, is the reverse of this story. At seven o'clock in the afternoon on May 1st youth leave the building desanudan brokers that tie before hitting the road. Some take longer nozzle rolling a cigarette in his mouth.
The poster after receipt indicates that, of the twelve plants, seven and the basement are of Ahorro Corporación, two are occupied by Deloitte and the eyewear brand Alain Afflelou. Nothing warns that the other two are held by the Asset Management Company of the Bank Restructuring Coming (SAREB) announced the bad bank, the company backed by the State in which the nationalized banks (Bankia, Catalunya Banc, NCG Banco Banco Gallego, Banco de Valencia, Banco Mare Nostrum, CEISS, Liberbank and Caja3) have placed their toxic assets, the rubble of the bubble. Most real estate Spain does not have a sign on the door.
Among the bank's pierced 'resorts' ghost story with defaulters, developments and works half squats
Inside there is an open space with flat screens in parallel. The soil is white and the windows light enters. Nothing could be further from the urbanization busy. However, the two are children of the housing bubble, before and after the first and perhaps the last.
Bankia was nationalized in May last year, just days after the gypsies take the Sequoia. The loan meets all the requirements for passing the bad bank. Bankia Sources say that this is his destiny, although neither confirm Sareb or Bankia has been transferred. No public inventory of what happened to the bad bank. "The buildings are owned by the Sareb this society", is the response of Bankia.
The bad bank not only inherits the loan left unpaid promoter but complaints presumably lead buyers, who paid for a home that they have not received. Guadalupe Sanchez defends a British woman who in 2006 gave 71,100 euros as payment for a home in the Sequoia. Valencia goes to law against Bancaja. "Bancaja [today Bankia] object to return the collateral. When going into the Sareb, inherit the lawsuit, "he says. The promoter only know who returned to the UK.
The bad bank was a requirement of the European Commission last year, which saw him ideal for cleaning the toxic real estate assets banking. The idea was to make a clean sweep, as Ireland had done before. It was established in November and December 31 received the first major package of assets. It aims to reach 200 employees but now has only 100. "By volume we should have 3,000 employees, but only to hire them need two years so will outsource almost everything. We are building the plane as we took off, "say sources in the body. Its website includes resumes, but does not explain what profiles seek.
The Sequoia can be extreme, but not unique. Activists of the Platform of People Affected by Mortgages (PAH) have taken a bad bank building in Salt (Girona) and another in Sabadell (Barcelona). When asked Sareb bailout this property, the judge denied the request for "not having undertaken any conduct aimed at the effective occupation of the property, breach of the duties of preservation of the buildings."
Those affected by the mortgage call a protest against not allocate floors Sareb
for social rent
The 76 357 Sareb stayed with empty homes, 6,293 leased land 14,859, 8,642 loans to Floor 3,924 loans work in progress, finished work 61,702 loans and other loans 16,350. That includes all property owned by the nationalized banks exceeding 100,000 euros and loans to more than 250,000 developers. Everything is valued at 50,000 million, paid for them after a discount of 63% in households and 45% on loans reflected on what bank balances handy.
The scheme is singular. The government warned private companies to participate in the bad bank capital. Santander, Bankinter, Unicaja, Mapfre, Iberdrola ... entered the firm. These companies have 55% of the company. The remaining 45% is through the FROB state, the rescue tool boxes. But Sareb, with 1.200 million contributed capital, had 55,000 million needed to buy and maintain floors and loans to developers. What he did was to issue debt guaranteed by the state to get that money. That is, the risk is public, but those do not count as 55,000 million debt and the hole appears on the balance sheet of banks. Is the Sareb. And he has supported you.
Most real estate Spain has a website almost manages amateur and not what you have, but you pay a commission to the bench handy to try to sell the toxic assets that it generated. Bankia who is still trying to sell the same story, only now appearing in the accounts of the Sareb. The same commercial offering expensive during the bubble floors now offer bargains on behalf of the bad bank. The Sareb itself negotiates the sale of large parcels to international investment funds, many opportunities lurking vultures. In some cases, the same that won with bubble buy now at low price.
"They [the Sareb] have not seen what is. They know what they bought, "says José García Montalvo, a professor at the University Pompeu Fabra in real estate expert. This indicates that the Sareb is digestion of the "madness of the bubble. It was a fiction that will dissipate, as all eventually, but first someone has to pay ".
Obviously, not all as the urbanization of Almeria. A little further north, in Alhama de Murcia, the Sareb has inherited remains of Polaris World. What started as a megalomaniac complex secarral the Condado de Alhama is at half speed. The complex was to have 15,000 homes, an entire city of 45,000 people in the middle of nowhere, but stayed in 3500. Following an agreement with creditor banks manage these became part of the heritage and founded Investments in Mediterranean Resorts, owned by Banco Popular, Banco de Valencia, Banco Sabadell, Bankia CAM. The part that corresponds to Bankia and Banco de Valencia is in the Sareb. That includes about 130 homes on the island, a part of the community that should give a golf course ever built.
The company plans to liquidate the 'stock' in 15 years and provide benefits to shareholders. The 45% stake is public
Daniel Ormel is a Dutch three years ago came to Murcia to work as a property agent. It is he who sells, even on holidays, apartments who is about to buy in the Condado de Alhama. A few days ago I got the keys to teach the island, 67 square meters, two bedrooms and a bathroom. "The Bank of Valencia sold for 57,750 euros floors and are now between 57,750 and 80,000. They have gone, "said English. In the area you can go without speaking Castilian. The 50% ownership is foreign.
The sector has the impression that the Sareb is raising prices, but the company says it seeks a market value on a case. Justify that the argument is absurd, that intends to sell 45,000 homes in the first five years and that this minimum volume is impossible for them to set the market price because in Spain sold 300,000 homes a year.
In the resort's other two blocks 7 and 8 gardens - Sareb property, according Ormel, but not yet for sale. A bad bank spokesman explained that it is not to flood the market all at once. On the streets of Condado de Alhama few people, but the grounds are maintained, the streets clean, the golf course works and no security at the entrance. No signs of vandalism.
Jose Luis Gonzalez is a vallisoletano 67, former executive of Renault, who spends time at his apartment in the County. "Every year about 400 families live here permanently. About 15% of the houses should be of banks, "he says in a high on your bike ride. He bought in 2008 and estimated that since then, the apartments have fallen by 30%. Still satisfied cart. He claims that the owners are current on payments and that the community works.
Sareb pay much in community fees is another figure that the entity has not published, but it must be enormous. Light, community, water, security, IBI ... are borne by the Sareb throughout Spain. These days, cross their property appraisers to conduct energy audits of homes, a prerequisite to sell homes from June.
La Isla del Condado de Alhama, where Sareb sold homes. / DAVID RODRIGUEZ
In Macenas (Almería) is a luxury resort. After the bankruptcy of the developer, much went to the bench. "If you want information does not come here, go to the bank," says the guard at the gate. There are private security and the golf course is maintained. Part of the complex is half-built.
A spokesman explained that Sareb your business plan includes "a game of little significance" for demolition. They are 100 million. The 3,200 homes Sareb received half done, but not all require the pickaxe. The company insists that the half-promotions are not necessarily a problem. There are Chinese investment funds have been interested in construction sites. The company negotiates its first major sale of uncompleted flats and houses in Andalusia and Valencia finished by about 200 million, according to Bloomberg. There is a trickle of sales to individuals difficult to count.
The homes will be sold, if the price or get older, but more toxic is not seen: the ground. García Montalvo says the real problem is the terrain Sareb: "There is no way that in 15 years it will develop much land they have." An appraiser summarizes the land value loss: "The other day at 200,000 euros Tasé ground in the bubble myself I valued at five million." As your portfolio is huge, the Sareb also inherited part of the ground on which he would build a housing estate in El Palmar (Cádiz) of the best unspoilt coastline of the peninsula, as Lola Yllescas, Ecologists in Action, which studies make an offer on the spot. Sareb's mission is to sell it to the highest bidder, which presumably will be the one that wants to build. The State against its coast.
The term is 15 years which marked the Sareb to liquidate the company and return to its shareholders put 1,200 million and with a return of 14% annually. The three decades are "a period of time sufficient to dispose of the assets in the most appropriate time to give better value to its shareholders." In a Power Point, the Sareb has until 2027 to sell assets 75,810 million. Accordingly, the State will make a fabulous business with the wreck.
Edilma Rocio Sanchez, on the ground that he bought and happened to Sareb. / CLAUDIO ALVAREZ
Carlos Sanchez Mato, economist, professor and member of Platform Complutense for a public bank, it is not believed anything: "That perroflauta Call if you want, but that plan is the story of the dairy. They have done a trileros exercise to remove 55,000 million balance sheets of banks and not appear as debt. But that does not mean it does not exist. She will be paid together. " Mato Sanchez wears a suit and jacket and away from the official forecasts resemble both matched before the bubble burst. Speak quickly but didactic. "Not only did the debt endorse Sareb shareholders but bring to the bench, which is not interested in the band Sareb story because it competes with them." And criticism that has thousands of households not intended for social purposes.
That is the main claim of the PAH, which has called on Wednesday a rally outside the headquarters of the Sareb anonymous coinciding with the first meeting of shareholders of the company. Not only criticize that the state is the largest shareholder of the largest real estate in a country with a serious problem of evictions, but charging the salary of its executives. Its president, Belén Romana, this year charged a maximum of 498,000 euros. The Sareb said that is below the maximum allowed for the nationalized banks.
Although not officially bad bank evicts because it has no mortgage, the reality is more complex. There tenant floors between transferred. This is the case pisito Edilma Rocio Sanchez bought in Tetouan, a popular neighborhood of Madrid. This Ecuadorian than 40 years working dependents attending paid 270,000 euros for it in 2007. An incredible price for an apartment today ramshackle of 78 square meters. "We said we would pay 700 euros a month, but then saw it was more. When started up and came to 1,900 euros a month and I could not continue. My partner cried a lot when we could not pay, "he explains in the house.
At last November came the eviction notice, which managed to stop the PAH. In January, the branch of Bankia said that housing had gone to Sareb, but the eviction continued. In May again received a warning that you should leave the floor. It has taken her things to a friend's house because the letter warning him that "all the furniture and household and personal effects" he found the judicial commission would be considered "abandoned for all purposes". The new law has suspended the eviction. What will the Sareb? Although formally its mission is to sell the flat with the maximum benefit for shareholders (and the Spanish are the largest shareholder), sources indicate that the entity will seek agreements with tenants.
But while the machinery starts there are cases shocking. Martina (fictitious name) arrived from Colombia in 2001. With its 40 years, stopped paying the mortgage on 191,600 euros signed with Bankia in 2007 for an apartment in a popular area of Madrid. "At one point I had to choose between eating and paying the mortgage," he explains. After paralyzing the eviction negotiated with the bank for a social rent of 220 euros per month. About to sign, he was informed that his flat had gone to Sareb. Since then, no one has contacted her. The house is pending to set a price to bring it to the sale, but Martina lives there with her two twins, seven years. Since no one has called since January does not pay social rent. "I am benefiting, but do not want this. Every morning I look at the mailbox to see what will be afraid, "he says in a cafe in Madrid.
The Sareb asks distinguish between squatting evictions and evictions by default: "What responsibility are required to report if there is a squat" and adds that there are buildings "with habitability Backlog". On whether, as claimed by the PAH, make housing accessible to others, a spokesman replied that "public accountability is Sareb divest the assets in the most cost-effective way for shareholders" and that "the government has created a social fund housing ".
As the days pass and people discover that their homes have gone down Sareb, society problems will grow. This is the case of the 163 families in a cooperative Arroyomolinos (Madrid) still waiting for their housing by refusing to pay a premium. "We give good words and we hope to settle it," says Mariano, 30. He bought the house for eight with his girlfriend. It is finished but can not go live because they refuse to pay 60,000 euros more than they ask. Yes grateful for the attention they have received from Sareb. In Seville there is a similar case.
The problem is that society does not have the mandate to end promotions or to invest the money in finishing houses. But in liquidating properties, sell and washing hands. In burying the decade of the housing bubble. Almost nothing.
An orbit financial Minister Luis de Guindos
ÍÑIGO OF BARRON
Belén Romana.
The Asset Management Company of the Bank Restructuring Coming (SAREB) announced a very strange entity. I admit even its operators. The first thing that makes him unusual is that although it is a private company majority, 55% of the shares, the president was chosen by the FROB, ie the state. Belén Romana (Madrid, 1965), was selected by the scouts theoretically Spencer & Stuart, although the market was a candidate says "with Godfather" Luis de Guindos, economy minister. Roman worked with the minister when she took the overall direction for Economic Policy and later as Treasury claimed responsibility, also in the sphere of the Ministry of Economy under the Government of PP. Since then he has been in his orbit closer. In fact, before his current deal, Guindos tried to occupy the presidency of the National Securities Market Commission (CNMV) and the direction of the European bailout fund (ESM).
Another rarity is the Sareb everyone called bad bank, but not a bank. However, Belén Romana does have a salary comparable to nationalized bankers: 500,000 euros gross per year (or 33,000 euros per month), which has sparked protests from the opposition in the Congress of Deputies. The CEO, Walter de Luna, charges a slightly lower amount.
Degree in Economics from the Autonomous University of Madrid, Roman developed postgraduate studies in the Tuft University (Saratoga Springs, New York). Body Belongs to the State Technical Sales and has been on the boards of Banesto and Acerinox and the Unidad Editorial Advisory Board. She was Director of Strategy ONO, general secretary of the Association of Businessmen, adviser to the Bank of Spain and CNMV. He was in the company's treasury stock Bestinver and Fraser consultancy in Germany. Managers who know him emphasize his great technical ability and preparation, although they admit having a profile "more financial estate. Now pending emission Sareb and credits, but after a couple of years, it is primarily a real estate "comment. It started with losses of 5.49 million in 2012, after two months of work and the assumption of formation expenses. Black men of the Troika (European Commission, IMF and ECB), have expressed concerns about the future of the Sareb, the great challenge of Romana.
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