- The average profitability of its operations has been 3.45%
- Fifty-four credit institutions obtained more than 19,000 million liquidity through this instrument
The Governing Council of the Fund for the Acquisition of Financial Assets (FAAF) has proceeded to liquidate and terminate this instrument at its meeting today. The liquidation occurs once all the operations of this fund have expired, designed to facilitate the liquidity of financial institutions. In this way, the agreement of the Council of Ministers on March 30 on the FAAF is fulfilled.
The fund was created in October 2008 within the framework of a series of measures to boost financing to the private sector by financial institutions, given the difficulties in obtaining liquidity in wholesale markets. Its budget allocation amounted to 19,500 million euros between 2008 and 2009.
The balance of his activities is positive. It has provided financing to 54 credit institutions for an amount of more than 19,000 million euros (with a maturity of up to three years) in a very difficult situation in the capital markets. It has also generated significant income for the State, with a volume entered into the Treasury for its different operations of 21,320 million euros. The average profitability of its operations has been 3.45%, which has generated a benefit to the State of about 650 million euros.
