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Full-Text Articles in Public Administration
Spain: Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria (Sareb), David Tam, Sean Fulmer
Spain: Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria (Sareb), David Tam, Sean Fulmer
Journal of Financial Crises
In the wake of the Global Financial Crisis, the Spanish real estate market struggled to recover, which posed significant issues for savings banks that had an outsized exposure to the real estate sector. The Spanish government created Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (SAREB) in 2012 to buy impaired real estate assets from troubled banks and sell them over a 15-year period using funds from an up to €100 billion ($123 billion) loan from the European Financial Stability Facility. Its mandate was “to help clean up the Spanish financial sector and, in particular, the banks that …
Spain: Deposit Guarantee Fund Asset Management, Manuel León Hoyos
Spain: Deposit Guarantee Fund Asset Management, Manuel León Hoyos
Journal of Financial Crises
The global oil shock in 1973-74 occurred at a time when Spain was embarking on a liberalization of its financial system that resulted in many new entrants, particularly small- and medium-sized institutions. The banking crisis that followed from 1977-85 affected 52 of the country’s 110 banks, most of them of small- and medium-sized, that comprised over 20% of bank deposits. Spain established the Deposit Guarantee Fund in November 1977 to provide limited deposit insurance, and, in March 1978, established a Banking Corporation to take control of and reorganize troubled banks. However, because the Banking Corporation lacked the legal authority to …