Bad Bank in Spain
In 2012 the Spanish government granted powers to the Fund for orderly restructuring of the bank sector (FROB) to force banks to pass toxic assets to a financial institution whose role is to remove risky assets from banks balance sheets and to sell off the assets at a profit over a 15 year period. The SAREB (Restructured Banks Asset Management Company) has close to 62 Bn € of assets on its balance sheet.
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Famous quotes containing the words bad, bank and/or spain:
“Like a bad doctor who has fallen down sick you are cast down, and cannot find what sort of drugs would cure your ailment.”
—Aeschylus (525–456 B.C.)
“I know a bank where the wild thyme blows,
Where oxlips and the nodding violet grows,
Quite overcanopied with luscious woodbine,
With sweet musk-roses, and with eglantine:
There sleeps Titania sometime of the night,
Lulled in these flowers with dances and delight.”
—William Shakespeare (1564–1616)
“last time I saw you was the hospital
pale skull protruding under ashen skin
blue veined unconscious girl
in an oxygen tent
the war in Spain has ended long ago
Aunt Rose”
—Allen Ginsberg (b. 1926)