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SAREB ((スペイン語:Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria) - English: ''Company for the Management of Assets proceeding from Restructuring of the Banking System'') is the bad bank of the Spanish government, the government-owned company is responsible for managing assets transferred by the four nationalized Spanish financial institutions (BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia). The main drivers of the recent (beginning in 2009) and continuing financial crisis in Spain has been the weaknesses, lending practices and failures of the savings banks in Spain (Spanish: caja de ahorros) or cajas. The current crisis had its roots prior to 2008 which the Credit Crunch and Sovereign Crisis have exacerbated. With the Spanish Royal Decree-Law 24/2012 of 31 August 2012, SAREB was created. The Fund for Orderly Bank Restructuring (FROB) held a majority shareholding of the financial institutions which in the judgement of the Bank of Spain require restructuring or winding up in accordance with Spanish Law 9/2012 (Banco Mare Nostrum, CEISS, Caja3 and Liberbank). Private shareholders own 55% of SAREB and the remaining 45% is held by the FROB. The creation of a separate asset resolution entity was an idea proposed by foreign specialists. Their proposals were initially contested and resisted by the Spanish authorities but later accepted as being the appropriate response to the crisis SAREB was established as a condition set by the European Union in exchange for aid of up to 100 billion euros to the Spanish banking sector.〔(【引用サイトリンク】title=Spain´s "Bad Bank" (SAREB) to begin operations on November )〕 It was designed and developed from the work of three independent specialists: Oliver Wyman, BlackRock and European Resolution Capital (ERC). SAREB functions as a ''bad bank''., acquiring property development loans from Spanish banks in return for government bonds, primarily with a view to improving the availability of credit in the economy. Over the 15 years SAREB has to dispose of all of its assets, its main objective will be to maximise its profitability.〔 However, it does not possess a banking license. SAREB enjoys legal advantages which do not apply to other Spanish limited liability companies (Spanish: ''Sociedad Anónima''), such as status as a preferential creditor for subordinated debt over other creditors. The Spanish central bank is to establish the exact price of assets transferred to the institution by Spanish banks.〔 == History == On 31 August 2012 the Spanish government approved a Royal Decree-Law creating a bad bank. The law established that the FROB had the administrative power to oblige financial institutions to transfer to an asset management company (SAREB) certain assets: particularly impaired assets and assets which could be considered a threat to the viability of an institution. The aim is to remove the assets from the balance sheets of the institutions to allow them to be independently managed. The asset management company may issues bonds and securities recognising or giving rise to debt. The law establishes that the assets are to be transferred to the asset management company without any need for consent from third parties. Prior to transfer the Bank of Spain will determine the value of the assets based on appraisal reports. For several years prior to 2008, the Spanish authorities had decided to ignore the problems associated with the cajas. These problems were essentially due to east access at low boorowing costs which facilitaed uneconomic lending practices, overly encouraged by local and regional governments. This probvisoon of ‘loose money’ fuelled the growth of the property and constructions sectors of the economy; eventually leading to an unsustainable overexposure to these sectors ad classic speculative bubble. The scale of impaired and bad debts were masked by the initial growth and then exposed by the effects of The combination of the global Credit Crunch and then Sovereign Crisis of the Eurozone which revealed these domestic problems and the scale threatened the Spanish economy. The Spanish authorities and successive governments refused to tackle the widespread and increasing insolvency issue. Piecemeal actions were taken as individual cajas entered insolvency and administration under FROB (such as Unicam) at huge costs to taxpayers or were forced by mergers into non-viable entities, such as Bankia (which itself eventually collapsed). The Spanish authorities changed position as there two-phase refinancing failed (as was expected). The weaker banks remained exposed. Three specialist firms provided assistance to the Spanish authorities; eventually bringing to bear international best practice. A bad bank and associated asset management structure was designed and put in place to resolve the rapidly increasing book of toxic property loan by establishing price and a process of resolution. In addition, a more coherent set of policies were enacted between competing ministries as well as the appointment of a new governor-general for the central bank (Banca de Espana). This initiative was already being demanded by housing developers enable a flow of credit from financial institutions. This measure is considered fundamental by the People’s Party government to the process of restructuring the Spanish banking system and reactivating the country’s real estate market. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「SAREB」の詳細全文を読む スポンサード リンク
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