Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain's 'bad bank' Sareb widens net loss in 2014

Source: Reuters - Tue 31st Mar 2015
Spain's 'bad bank' Sareb widens net loss in 2014

Spain's "bad bank" Sareb more than doubled its losses in 2014, as it continued to battle the fallout from the country's financial crisis.

Operational since 2013, SAREB took on EU50 Bln in land, buildings and loans from bailed-out lenders. The aim was to draw a line under Spain's banking and property woes and to sell assets back to the market.

The vehicle, which is partly backed by the government, is still lumbered with tens of thousands of assets which may be hard to sell, including undeveloped land in rural areas.

SAREB booked a EU585 Mln net loss for 2014, widening from a EU261 Mln loss the year before. Its finances were hit by provisions of EU719 Mln on problematic loans, even though property prices are starting to stabilise in Spain after a 7-year slump.

Its sales of housing have picked up, coinciding with a revival of Spain's economy after a prolonged downturn, but Sareb said it was facing stiff competition from rival sellers. Its gross income was flat from a year ago at EU1.6 Bln.

SAREB Chairman Jaime Echegoyen said property prices were improving. "In housing and in land, things are stabilising," he told a news conference. "Demand is a lot more solid than it was before."

He declined to say in what year SAREB might turn a profit, however. Without the provisions, SAREB's 2014 loss would have narrowed to EU45 Mln.

The Bank of Spain had asked Sareb to revalue some of its assets and book charges on them accordingly. The bad bank said it had taken the provisions on problem assets such as unpaid loans, and loans that do not carry guarantees.

SAREB also has to keep paying down debt.

Recommended Reading :

* Losses at Spain's bad bank raise prospect of slow turnaround

* Spain sees new bank launched for expats

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

 
When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.