SAREB convert debt into equity billionaires to take writedowns – Investing.com Spain

MADRID (Reuters) -. The company that manages the real estate assets leased by the Spanish bank announced Thursday a multimillion sanitation that will force you to convert 2,171 million euros of subordinated debt capital

the so-called Spanish bad bank has reevaluated its asset portfolio in recent months, finding new losses amounting to 2,044 million euros, which has posted against the results of recent years, which figures been restated.

the bad bank was forced to mark to market some 250,000 properties before year end to meet distributed by the Bank of Spain in October circulate.

Specifically against 2015 it has posted 337 million euros of impairment on its assets, which has resulted in a loss before tax of 472.3 million euros, 53 percent lower than in 2014 and restated (1,000 million).

These writedowns allow the net result for the year 2015 is positive at 0.3 million euros thanks to the positive fiscal impact, compared to losses of 804 million euros in 2014.

this year, the president of the organization, Jaime Echegoyen, considered too ambitious to close the year in positive, something he sees as possible and by 2017

the gross margin of the company. – whose shareholders are the Spanish State , except the big banks BBVA (MC and some insurers – fell in 2015 by 28 percent to 1,237 million, although up 36 percent from 2014, to 900 million euros, taking into account the impact of deterioration of its asset portfolio.

total revenue fell 26 percent to 3,886 million euros in a context of recovery of the Spanish property market.

SAREB, made at the end of 2012 as consideration for the assistance of 41,300 million euros from Europe to the Spanish Government, has played a key role in the reorganization of the Spanish financial sector by allowing the receiving bank state aid to transfer some 50,000 million euros in assets this vehicle.

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