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Sareb’s Losses were Higher than Forecast in 2019, at €947M

The company's losses rose by 8% in 2019, above initial calculations, after it recorded an expense amounting to €83 million in relation to deferred tax assets that will not materialise in the future.

jaime echegoyen 1
Jaime Echegoyen, the President of Sareb.

On Thursday, the Company for the Management of Assets proceeding from the Bank Restructuring (Sareb) presented its results for the last financial year. Although the most recent forecasts estimated a reduction in losses – in 2018, it closed the year with losses of €878 million -, in the end, the figure for 2019 was actually higher, at €947 million, exceeding even the initial estimates of €900 million.

The reason for this increase in its losses stems from an expense item amounting to €83 million that Sareb recorded in 2019 “corresponding to deferred tax assets that will not materialise in the future”, according to the entity.

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