• Incorporated the Promoter Company of the Asset Management Company
  • Proposals on the savings bank sector sent to Brussels

The schedule of commitments included in the Memorandum of Understanding (MoU) for bank recapitalization is met with two milestones set for today's date. The two most relevant aspects are the constitution of the Asset Management Company from the Bank Restructuring (Sareb) and different legislative aspects related to the savings bank sector.

This week the promoter of Sareb has been constituted as a limited company with a share capital of 60,000 euros, so that when the private partners are admitted, a capital increase will be carried out. The start-up of the Sareb will allow starting today the work for the transfer of assets by the entities of Group 1 (the nationalized ones). This process must end on December 31, as established by the MoU.

During these weeks, an extensive presentation of the project and Sareb's business plan is being carried out. The reaction of private investors in the banking sector and other areas, both domestic and foreign, is positive. Work is also in progress on the transfer of assets, especially their identification and computer systems. The management team is being set up under the direction of Belén Romana, president of the Sareb, and Walter de Luna, general manager.

The MoU also points out that regulations must be prepared to clarify the role of savings banks as shareholders of credit institutions, with a view to eventually reducing their participation to non-majority levels. It also establishes the preparation of new corporate governance rules and the incompatibility regime. These modifications are subject to study on the basis of lines of action that have been forwarded to the European Commission.

These changes include the transformation of indirect exercise funds (those that have transferred their financial activity to a bank) into bank foundations in the event that they hold significant holdings in a credit institution or ordinary foundations, otherwise.

The figure of the direct financial savings bank (those that capture deposits) is maintained, although in a limited geographical and activity scope. The level of participation that both savings banks and bank foundations may hold in commercial banks will be determined.

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