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 and/or bank:
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