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The Council of Ministers Will Buy Sareb From its Financial Institution Owners For €1

First of all the Executive must overturn the rule that prevents it from owning more than half of Sareb's shares.

Pedro Sanchez

Sareb is going to end up in public hands. On Tuesday, the Council of Ministers began the process to nationalise the ‘bad bank’ by eliminating the rule that prohibits the State from owning more than 50% of the company.

As it stands, the public coffers own 45.9% of the entity, through the FROB. The rest is in the hands of banks and insurers, including Banco Santander (22.2%), CaixaBank (12.2%), Sabadell (6.6%) and Kutxabank (2.5%).

Read the full article in Spanish.

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