The bank loans that made Spain what it is today can now be yours.
Spain has put up for sale a €1.2 billion ($1.53 billion) package of corporate loans to three of the country’s biggest real-estate firms, a move to speed up the disposal of assets absorbed from the country’s nationalized banks, two people close to the process said Wednesday.
SAREB, the “bad bank” managing the nationalized assets, has told selected potential bidders to file indicative offers for the debt portfolio by next week, these people said….
SAREB, created late last year as part of the European Union’s €41 billion bailout of Spain’s financial sector, took on foreclosed property and bad loans to real estate developers from the weakest Spanish banks. It has begun working to appraise these assets and package them for a selloff meant to help the country recover from its deep recession, but critics say it got off to slow start and may miss self-imposed targets.