Are we a bank?

We are not a bank; we are an asset management company. We do not have a banking licence, hence we do not provide mortgages, nor do we operate as a bank. Our mandate is the sale of the assets transferred by the banks that received state aid.

If we are not a bank, why do they call us the “bad bank”?

In many countries, such as the USA, Germany, Ireland and Sweden there have been divestment companies similar to Sareb, which are dedicated to managing the most problematic bank assets. Hence, in English this management model has been referred to as the "bad bank", without implying that these entities are a bank or that all of the assets received are “bad”. The same goes for Sareb, which was created to divest the assets transferred from the old savings banks and help the economy recover.

Are we a public entity?

We are a private entity, given that the majority of our share capital (55%) is owned by private shareholders and is therefore managed as such. However, our main shareholder is the Fund for Orderly Bank Restructuring (FROB), which is publicly owned, and which owns 45% of the company’s equity

What assets did we receive?

We received almost 200,000 assets from nine savings banks, of which close to 80% were developer loans and 20% were real estate assets (housing, land, offices, retail units, etc.)

Do the Spanish people own the properties that we manage?

Our properties were not taxpayer funded, but paid for with the debt issued by the company. That debt, on which interest is periodically paid, is guaranteed by the State, and so its payment could only fall to the taxpayer if we failed to meet our divestment target. Up until now, we have met all of our payment commitments.

What is a FAB?

A FAB is a financial instrument specifically designed for Sareb. It is operated as a joint venture and is managed by a regulated asset management company and is therefore registered on the National Securities Markets Commission (CNMV). It is a product aimed at institutional investors who are able to list on structured markets.

Do we own private mortgages?

We do not own private mortgages. Our portfolio comprises credits and loans from firms of over €250,000, and foreclosed assets of over €100,000.

Are we meeting our objectives?

We are meeting the objectives that we were assigned as part of the bank restructuring process: we are helping to clean up the Spanish financial system, reactivating the real estate market and attracting foreign capital. During the seven years we have been operating, we have sold over 106,450 properties and paid €15,676 millions of debt guarantee by State.

How do we sell?

We have delegated the management and sales marketing of our assets to Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia, each of whom have an extensive sales network.

However, there are some asset transactions involving, for example, syndicated loans, land, offices and retail units that are highly specialised, and are consequently sold directly through Sareb.

Institutional sales are marketed via competitive sales processes in which specialist investors are segmented and selected. We also benefit from a wide range of flexible sales tools such as Banks Asset Funds (Fondos de Activos Bancarios - FAB)

I want to buy a flat, how do I contact Sareb?

We sell to private buyers via third parties. Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia manage our property sales, the four companies appointed as our servicers for the upcoming years. If you are looking for a flat, please visit the catalogue on our website, or the websites of our servicers. If you have any questions, please do not hesitate to contact our free helpline service Sareb Responde