The echoes of the financial crisis continue to resonate in the accounts of the Asset Management Company from the Banking Restructuring (Sareb). The management of the old bad bank, which went bankrupt a little over a year ago, is making an effort to clean up its balance sheet. But the legacy of the old savings banks is high. Yesterday, on the occasion of the presentation of results for 2023, the first executives recognized that half of the debt accumulated by Sareb at the end of the last financial year, about 14,600 million of a total of 29,413 million, “will never be returned “. The holders of these bonds are the main banks, such as Santander, CaixaBank and BBVA. Therefore, the public treasury will have to decide in 2027, which is when the mandate of the society expires, what to do with this debt accounted as public.
In 2023, Sareb managed to amortize another 1,068 million, but the company’s leadership admitted that “it will be impossible to sell the entire asset portfolio” in the next three years. In 2012 the company’s debt was 50,781 million.
From the old bad bank, Sareb has reconverted into a large real estate company that manages different assets as a key part of the Spanish Government’s housing policy, which set the goal of enabling 180,000 properties in this legislature. In 2023 the company sold 10,500 homes considered affordable, that is, below the market price. In fact, the operations had an average value of 90,000 euros. Most of the sales were achieved in Catalonia, the Valencian Community and Andalusia, as they are properties from the old savings banks with assets that were located on the Mediterranean side. 90% of these properties were bought by individuals.
“It is a fact that makes us proud, because it has consolidated the company as a major player in the residential market in Spain and because with these sales, Sareb makes affordable housing available to society”, said Sareb’s president, Javier Towers. The company continues to have 3,500 properties with illegal tenants.
One of Sareb’s areas of greatest growth in 2023 was the developer Árqura Homes, which doubled home deliveries, with 1,620 sales. He earned 394 million. The company emphasizes that it has become “one of the major promoters in the country”.
One of Sareb’s most important projects is called Vienna. It consists of the assignment of land to developers to build 10,000 homes for social rent in 30 provinces. The company will transfer these lands for up to 80 years at zero cost. The developers will build and rent the homes with a maximum income 20% lower than the market. Torres assured yesterday that he has appreciated that there is entrepreneurial spirit in the project.
At the end of 2023, Sareb lost 2,198 million, mainly due to the difference between the book value of the assets it inherited in 2012 and the selling price on the market. On December 31, it had 38% loans and 62% real estate on the balance sheet.
