Expansion / Sanitation went to cover credits transferred difficult recovery, others from bankrupt companies that were granted without legal guarantees and equity loans.
The Asset Management Company Coming from the Bank Restructuring (SAREB) lost a total of 585 million euros in 2014, seven times more than in 2013, according to data presented by its president, Jaime Echegoyen Tuesday.
This result came after a reorganization of 719 million euros, which was conducted by SAREB after consultation with the Bank of Spain. In fact, you have not performed this operation, the red of the ‘bad bank’ would have been limited to about 45 million, about half of the 80 million lost in 2013.
In this way Their losses before tax and writedowns were reduced to less than half, from 144 million in 2013-62 in 2014.
Sanitation went to cover credits transferred difficult recovery from other companies bankrupt who were granted without legal guarantees and equity loans.
Meanwhile, gross operating profit (EBITDA) was 1.103 million, “a major operational achievement,” Echegoyen said. This amount was necessary to address the financial burdens of society, which reached 1,100 million.
More revenue Regarding income, SAREB turnover by 23% over 2013, reaching 5.115 million in euros.
Of these, 78% came from retail activity, highlighting 3.129 million from interest arising from the management of loans.
The property sold by the SAREB in 2014 were approximately 15,300, which collects about 24,000 transactions of this kind in two years. By 2015, hopes to repeat the result of 2014.
Echegoyen emphasized that the company has generated in those two years some 9,300 million in revenue than 5,700 have been allocated to repay debt principal and other 2,400 to pay interest on bonds issued to fund his business.
Finally, the value of the assets of the SAREB has been reduced by two years of about 51,000 million to about 44,200 after a 2014 Echegoyen He called it “a year marked by a more buoyant economic activity”
Information Expansion .
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