The Company for the Management of Assets proceeding from Restructuring of the Banking System (SAREB) is a company created within the framework of Law 9/2012 of 14 November that enables the segregation of toxic or problematic assets of credit institutions that require public support so as to remove them from the balance sheet of these institutions.
SAREB is comprised of private and public investors from Spain and abroad.
The main objective, apart from achieving restructuring of the Spanish financial system within a maximum period of 15 years, is to obtain the maximum possible profit earning capacity from these toxic assets.
About 55,000 million Euros have been transferred to SAREB from nationalised bodies (Group 1: which includes BFA-Bankia) and banks that have required medium-term financial aid (Group 2). Of this amount, two thirds correspond to loans and tied loans to the property sector, and a third to property assets.
The cession of the assets by the institutions took place without the need to obtain the consent of third parties.
The BFA-Bankia Group signed the contract for transmission to SAREB on 21 December 2012, with effective date 31 December. From this date the transfered assets, are owned by Sareb, which is why the financial institution grantor, in this case the Group Bankia, currently is not person responsible for the management, administration and marketing of these yielded assets, being There are its actual manager from the past 01/01/2015.
You can obtain information on financial and property assets of Bankia gone through to Sareb and other assets in: www.haya.es
To know more in detail what is the Sareb, its internal structure and applied legislation, can access its website: www.sareb.es