Nationalized lenders sign over €37 billion to bad bank Sareb
Well over half of toxic assets come from Bankia, with eventual total to reach 55 billion when rest of institutions make transfer
The four nationalized Spanish banks -- Bankia, NCG Banco, Catalunya Banc and Banco de Valencia -- have now completed the signing over of their toxic assets to the newly created so-called bad bank, Sareb.
The quartet have transferred a total of 36.085 billion euros of assets with another 1.025 billion still to come from the non-nationalized Banco Gallego, whose majority shareholder is NCG Banco.
Of the total, 22.318 billion comes from Bankia, the biggest of the five; 6.708 billion from Catalunya Banc; 5.097 billion from NCG Banco and 1.962 billion from Banco de Valencia. Although signed, the agreement will not come into effect until December 31. Sareb will have around 55 billion in assets by February, once the rest of its non-nationalized participants transfer their bad assets, the government predicts.
