Spain's Banks transfer €37 Bln to SAREB

 

Spain's 4 nationalized Banks : Bankia, NCG Banco, Catalunya Banc and Banco de Valencia have now completed the signing over of their toxic assets to the newly created so-called bad bank, SAREB.

The 4 lenders have now transferred a total of €36.085 billion of assets with another €1.025 billion still to come from the non-nationalized Banco Gallego, whose majority shareholder is NCG Banco.

Of the total, €22.318 billion comes from Bankia, the biggest of the 5 ; €6.708 billion from Catalunya Banc; €5.097 billion from NCG Banco and €1.962 billion from Banco de Valencia. Although signed, the agreement will not come into effect until December 31. SAREB will have around €55 billion in assets by February, once the rest of its non-nationalized participants transfer their bad assets, the government predicts.