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NewsSpanish Parliament modifies the legal regime of the Asset Management Company for...

Spanish Parliament modifies the legal regime of the Asset Management Company for Assets Arising from Bank Restructuration

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Congress validates the Royal Decree-Law amending the legal regime of the Asset Management Company for Assets Arising from Bank Restructuring (SAREB in spanish)

The Plenary of the Congress of Deputies has validated the Royal Decree-Law of 18 January, which modifies the legal regime of the Asset Management Company for Assets from Bank Restructuring (SAREB) with 268 votes in favour, 53 votes against and 28 abstentions. It also approved its processing as a draft law by the urgency procedure with 345 votes in favour, two against and one abstention.

The text, defended in the plenary session by the vice-president and Minister for Economic Affairs and Digital Transformation, Nadia Calviño, eliminates the State’s limitation on shareholdings in SAREB, an entity created in 2012 with a majority of private shareholders to clean up bank balance sheets and manage the loans and real estate of institutions subject to restructuring as a result of the financial crisis.

In addition, the Fund for Orderly Bank Restructuring (FROB), a public law entity, will be able to exceed 50% ownership and ¿attain a majority position in the capital of SAREB without it acquiring the status of a state trading company¿, which will ensure the smooth running of the entity until it expires in 2027.

In the explanatory memorandum, the urgency of this regulation is highlighted due to the “reclassification of SAREB as a unit belonging to the Public Administration sector, following the opinion issued by Eurostat”.

Other changes included in the regulation are the updating of SAREB’s objectives and supervisory regime and the incorporation of the possibility of asset disposal, which means that SAREB will be able to cede, as part of its sustainability policy, “the ownership or use of assets to other bodies that develop housing policies or other policies with high social value, incorporating this factor within the objective of value optimisation”.

Specifically, the regulation amends Law 9/2012, of 14 November, on the restructuring and resolution of credit institutions, Law 11/2015, of 18 June, on the recovery and
resolution of credit institutions and investment services companies and Royal Decree 1559/2012, of 15 November, which establishes the legal regime for asset management companies.

It also reforms several articles of Royal Decree-Law 32/2021, of 28 December, on urgent measures for labour reform related to the public sector labour personnel regime in order to adapt them to the General State Budget.

Processing as a draft law

The processing of the decree as a bill allows the House to introduce amendments. Therefore, a period is opened for the presentation of amendments to the articles, as well as amendments to the whole of the alternative text. Article 151 of the Rules of Procedure of the Congress indicates that amendments to the whole text are not admissible.

Source: Congreso.es

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