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Action Group Meets With MEP

Source: Press Release - Mon 10th Oct 2011

MEP David Lidington met with the Bank Guarantee Action Group at the Foreign & Commonwealth Office (FCO) in London last week to discuss, amongst other issues, their concerns over the Spanish government's handling of legal problems with properties owned by foreign residents.

Ruth Genda on behalf of the action group commented, "The Minister and his team appeared genuinely surprised when we brandished the dossier of evidence gathered in his efforts on behalf of the Finca Parcs Action Group. This dossier was shown to the Minister as an example of the terrible situation that can occur when both the Developer and Bank fails to act in accordance with the Spanish Law relating to Bank Guarantees for Off-Plan Purchases – LEY 57/68"

Neither Mr Lidington nor his aides were aware of the serious issues of Bank Guarantee Abuses illustrated. He went on to promise to speak with Ambassador Paxman in Madrid and furthermore promised to raise the issue with Spanish ministers at every opportunity. The Minister also made a commitment to try and facilitate a meeting between the Bank of Spain and the Action group.

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