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The Frob Writes Off 100% of its Investment in Sareb

The Fund for the Bank Restructuring, which is owned by the State, has valued its 45.9% stake in Sareb at 0 and has executed a new loan for its rescue.

Jaime Echegoyen y Javier Garcia del Rio. Fuente Sareb
Jaime Echegoyen and Javier del Río, Chairman and CEO of Sareb.
 

The Frob, which owns 45.9% of Sareb, has valued its majority stake in the company that manages real estate assets from the rescued banks at 0, as reported in its annual accounts for 2019.

When it was created, the Frob contributed €2.2 billion to the bad bank in both capital and subordinated debt. Currently, the body, which is itself owned by the Government holds a 45.9% stake in Sareb.

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