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- Liva & Laia : 15th November
The announcement last week by Spain's new Minister for the Economy, Luis de Guindos, calling for Banks to revalue their real estate assets to 'realistic levels', it has been revealed that this could mean reducations of 50% for unsold new developments, 80% for undeveloped urban land and 100% for rustic land.
A number of Government sources has confirmed this, but has also intimated that it may not be far reaching enough.
Spain's El Confidential reported how the banks, which will be given two years to make provisions for the losses.
The reduction will be based on the gross value of the property, and is estimated to result in a write-down of almost 50 Billion Euros and has been put forward as an alternative to the new government's creation of a bad bank, to cover toxic debts attached to real estate assets.
The reduction will be based on the gross value of the property, and is estimated to result in a write-down of almost 50 Billion Euros and has been put forward as an alternative to the new government's creation of a bad bank, to cover toxic debts attached to real estate assets.