International investors relocate their eyes on the Spanish market
| Date: June 15, 2010 | Source: Sources |
| Category: Business | |
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Loading ... International investors have returned to lay their eyes on the Spanish market, which provide for the restructuring of banks and will be sold assets at deep discounts on the price before the crisis. So considering buying assets discount to banks and to restructure.
German funds were the first to buy more defensive assets such as offices of the business lines of Madrid and Barcelona, but now U.S. funds, British and Dutch are bidding for the majority of assets go on sale.
Banks and savings banks are now the largest Spanish property: according to the Bank of Spain has purchased assets of 59,700 million euros to developers with problems, which have accrued in their accounts 13,000 million (21.8% of its value). The Bank of Spain, with its new regulation on real estate assets, will force banks to accelerate their provisions, to reach 30% at two years of the award. The assumption of these losses, and the use of Bank Restructuring Fund (FROB) in the case of savings banks to replenish its capital, on the book value of assets in financial institutions at market prices and facilitates transactions, which had fallen more than 70% in the last two years.
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