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Spain's Banks transfer 37 Bln to SAREB

Source: El Pais - Thu 27th Dec 2012
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.

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