Spain’s Bad Bank to Sell Assets in 15 Years, Seek Investors
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The so-called bad bank Spain’s government will set up to take soured real estate from the lenders it has bailed out will seek private investors and try to sell the assets over 10 to 15 years.
“The asset-management company should be viable and not generate losses and in the end not have any impact on the taxpayer,” Economy Minister Luis de Guindos said at a news conference in Madrid today. The aim is for private investors to take a majority stake in the bad bank that would take on real estate assets, he said.