MADRID (Reuters) - The Bank of
Spain is consulting with international experts in banking at the moment and
real estate on the formula in that the transfer will be structured to an
external holding of the toxic assets of the brick in hands of the Spanish
financial entities, they told two sources on Monday to Reuters.
It is incredible the turns
that are giving to this topic of the bad bank and the good bank, believe
sincerely that of what is it is of winning time to have if it leaves something
of money for some place, but this is impossible the more time passes more
difficult it is to make anything, with some assets that are depreciated every
day that passes. The current extreme difficulty of fixing to the Spanish banks
is that every day its assets are depreciated and that is to stop it Mr. De
Guindos you of this know more than me, because if he doesn't make it this history
it never finished.
The credits real estate called
garbage, continue deteriorating in the same measure that nobody assumes a
quantity once and for all of lost, the one that is, the one that decide, the
one that calculate, and this should make it their ministry because at the end,
it will be you who position of it is made and to work to recover it and to make
negotiates above, sew that one can make. You are here for something more than
to give press conferences without saying anything concrete and to always repeat
the same thing, you should put parameters to all the economic matters of our
battered economy, it should fix the losses assumable and the roads of recovery
of the same ones.
You simply define that
depreciation level considers that it should be applied to the real estate
credits that are the credits garbage, and once calculated this is to apply
these new values and to take them out of the commercial banks, to put them all
in a company I would say that it publishes to the style of the American north,
Fannie Mae and Freddie Mac, which will be devoted to sell properties in fact to
all investor or buyer that he puts on to shot, are what they are you consulting
with international experts as it aimed the note of "Reuters."
That if he keeps in mind that
in non alone Spain it is the problem of the economic crisis what believes the
tremendous stock of active to sell, but rather there are not buyers for the
whole that there is built, because here you builds it doesn't stop the inhabitants
from Spain, but for the hits of the manufacturers, and Spanish, and German
banks, besides the investment funds, funds of pensions etc… but it doesn't stop
housings that it is him clear.
I don't believe in the bad
bank, that already exists, there is so many as banks there is in Spain, what it
is necessary to make is to build a macro society of commercialization of real
estate values, and to pass over them all the assets, the problem this like he
said before, in valuing them, and this is the difficult thing and what doesn't
dare to make you that it is who he has to make it, because the banks won't
never make it, they tolerated and provision in the hope that they change the
circumstances, and if that happens that it will be the inflection point and
final valuation of the real estate debt for them.
The problem in this country
like he told him before, it is that there is more active than possible buyers
although it is given them, and oak is to add the bankrupt mortgages thanks to
the recession that you go feeding, so or he makes a decision or in two months
the problem, the banks, and the credo for the country, all will have died. They
believe a society like the Americans dedicate personal of other teams of
employees of the state that he knows you that they have more than enough to
heaps, for sure he finds from the managing manager until the computer
specialist and the porter if it is necessary, and mainly give a value to the
assets this will provide the value of the new society and to wait and to
market.
The second problem that is
main for me is to who they will sell them, because I repeat him that there are
more housings than inhabitants, and I fear myself that there is also more
active speculative that speculators are in Europe, that it is another decision
to take maybe it is necessary to begin to make decisions like the one of
demolishing urbanizations ghosts, neighborhoods that alone they believe
expenses to city councils because it is necessary to lend services to anybody,
etc. etc. looks him well it, because here all try to deceive the neighbor, but
this it is the reality thousands and thousands of houses and floors without
there are a purchase necessity, and thousands and thousands of urbanizations
with golf or without golf, with beach or without beach that almost could be
come to live and to take the sun Europe whole.