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Barclays invests in Spain's bad bank

Tue 18th Dec 2012
Barclays invests in Spain's bad bank

Sources from SAREB - Spain's so-called 'Bad Bank' - have confirmed that Germany's Deutsche Bank, the UK's Barclays Bank and French insurance company Axa have all taken a stake in the newly created entity.

SAREB said how private investors have to date in total invested some 524 million into the capital of the banking entity which is currently buying up questionable assets at a heavy discounts. A number of Spain's troubled Banking Institution are struggling to clear off their books and offload property-based assets after a property boom which collapsed, leaving billions of euros behind in troubled debts.

Analysts have reported cases of 65% discounts being offered on portfolios connected to bad-debt attached to resdential properties, rising to discounts as high as 85% for portfolios of bad-debts attached to commercial or industrial properties and land.