Sareb sold more than 24000 private homes in two years

The president of the 'bad bank' Jaime Echegoyen, appeared at his own request in the commission of Economy of the Congress to take stock. He announced that the Sareb has entered two years more than 8,000 million euros and has been able to repay 5,400 million of debt 50,700. So far this year, it has sold 5,000 properties Sareb individuals. 

The Management Company assets from the Bank Restructuring ( Sareb ), better known as the Spanish "bad bank" has sold in the past two years 24,000 private homes, and has reduced by 6,500 million euros its troubled assets, according to its president, Jaime Echegoyen. Echegoyen has appeared at his own request in the commission of Economy of the Congress, which took stock of the last year of the entity. In these two years have also managed over 20,000 business proposals, and there have been 25 major sales operations wholesale portfolios of assets, primarily loans. With all this, detailed Echegoyen, Sareb entered more than 8,000 million euros and has been able to repay 5,400 million of the 50.700 million private debt that had to issue to seize assets toxic banks. Only in 2014, explained Echegoyen, more than 15,300 properties were sold to individuals and more than 500 floors were awarded, bringing the year, revenues reached 5.113 million euros and could write off 50% more debt in 2013. Also the operating loss to 62 million euros were reduced from 144 the previous year, although the final result for the year also accused provisions. In so far this year -between January and June-Sareb Property has sold 5,000 individuals, representing a rate of 28 per day; and 60% of these operations, clarified Echegoyen, they have been carried out since the balance of the promoters, to facilitate the sale of homes contained as collateral for its loans.

Most debtors, SMEs Although Sareb is not a bank and can not offer funding to businesses, he said, most of their borrowers are SMEs, which could not without help reduce debt ; and that's where the company can offer "time and flexibility". In the first half have closed 23 sales transactions land, 43% more than the same period last year and have quadrupled revenues. Sareb not is an organization with social purposes, he noted Echegoyen, and has no mortgages to individuals, but is aware of its responsibility and the "problems faced by many families to access adequate housing ", which has made ​​a public commitment to collaborate "as far as possible" to mitigate this problem. The result of this commitment has been on temporary housing with sustainable holiday destination and by the end of 2013 were put on the market 2,000 low-income households that manage regional governments . There are agreements with Catalonia, Aragon, Galicia and the Canary Islands , the latter pending closing. Echegoyen announced that Sareb hopes to extend these practices to other types of assets, and not limit them only to housing. It also referred to the coverage of interest rates contracted in August 2012, it has worked as a ground clause has prevented from benefiting from the fall in the Euribor. Nevertheless, Echegoyen has argued that it has been an instrument that has eliminated the uncertainty associated with interest rates and establish the financial costs of around 1%.