invoice saree for general accounts It has not stopped growing since its establishment and will continue to do so in the future. Call “bad bank”receiving assets toxic real estate Percentage of financial institutions recovered between 2008 and 2012, 1.506 million lost one last year 7.4% and 120 million less It won’t release its annual report until the end of June, but these red numbers mean: negative net worth increased It means that it contributes compared to the previous year. raise the deficit of the state. Thus, in the first half of last year, the company has already lost 715 million, which has had a negative impact of 925 million on Government accounts.
Eurostat forced Spain to incorporate the company in March 2021. public sector for accounting purposesIt increased the government debt by 34,918 million and the deficit by 10,528 million. This multi-million dollar losses accumulated by the firm from its establishment in 2012 until the end of 2020 (5.075 millionto which others were added in the following two years 3.132 million) volatilized its own resources (4,800 million capital and subordinated debt provided by the State and private shareholders, particularly banks), which prompted the community statistics office to make the said decision.
Thus, Sareb keep working thanks to a legal change It was approved by the government in March 2020, which allows it to continue its operations despite having a large negative equity that could drive another company into bankruptcy. However, the company still pending depreciation 30,481 million euro of the debt guaranteed by the State to which it pays the real estate assets transferred to the salvaged assets. The Government, no longer having its own resources to deal with this debt, decided to nationalize it at the beginning of 2022 if the necessary income to repay it is not available. The state will have to pay in case of debt Sarp can not.
hidden obstacles
In order to generate the income that the company can pay the title deeds, it is still 26.465 million euro assetswhich in principle should be sold before November 2027Unless the government decides to extend its useful life (as it started to do so at some point). The problem is that the company has some savings. hidden obstacles (8.569 million by June), more than half of its portfolio is a price higher than current valuewill incur losses when selling the affected assets, except for a repricing that seems complicated.
1.506 million lost last year, therefore, mainly “difference between first send assets and their sales fee“Last year, yes, Sareb succeeded cancel 3.184 million The largest redemption of government-guaranteed debt in a year. with everything, ten years old canceled a lesser amount of your life than remained unpaid (20,301 million compared to the aforementioned 26,465 million), which proves the challenge of waiting.
More revenue, less expense
Company 2.361 million entries8% more than in 2021 increased sales physical assets (27,090 units) houses, plots and commercial real estate, 9% more). Thus, 71% of the revenue (1.705 million, 15% more) came from real estate sales, financial assets (mainly loans to unpaid developers) generated 699 million, 12% less, in line with the reduction in such loans. They just represent 41% of portfolio78% in 2012 as the company prefers to sell them or fulfill warranties and retain properties.
Despite increased commercial activity, property management decreased 11% to 612 million due to savings from a contract change with ‘servant’ companies helping them sell assets. One third of these expenditures, emphasized by the firm, tax payment for portfolio management (non-deductible VAT, IBI and other taxes). for your part, building expenditure Thanks to the efficiency plan implemented in 2020, internal operations decreased by 8%.