Sunday, February 5

Sareb: a very very bad bank

A nationalization covert. A gigantic socialization of losses (The same does not happen with benefits). The Sareb, the company created in 2012 with the PP government for rescue the financial system keeping their toxic real estate assets, it was not going to cost us a single euro and it was even going to provide us with an average return of 14%. Or that is what the then Economy Minister said in his day, Luis de Guindos; and today Vice President of the European Central Bank (ECB). Well, lie: it will cost us 27,000 million times more between 2022 and 2027, because that amount must be returned to Europe, which represents 40% of the European funds in the form of a subsidy that will be received in the next three years.

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Quite a deal with the so-called bad bank (the expression has never been better chosen) as a result of absorbing some overpriced assets that later it has not been able to recover and that now the State must eat. Hence, logically, total control of the capital is acquired by paying the symbolic sum to the banks that control the company. In return, the State (everyone) receives a good gift: 34,918 million debt (an additional three points of GDP), which Brussels forced to account for as public because it was guaranteed by the Treasury.

Since the government ran out of money with the 2008 crisis, the Executive of Mariano Rajoy resorted to a formula that has turned out to be disastrous: the banks, with a few exceptions and reluctantly, would control the majority, but imposed as a condition the public endorsement. And when the debtor cannot pay, the guarantor stands up. . The multimillion-dollar losses accumulated by Sareb since then they have eaten their own resources. If it were a company it would be bankrupt but the society pyou can continue operating for legal change approved by the Government. Now comes the time to try to minimize the damage that will be gigantic. In short, the authors of the mess until 2016 should at least give explanations to the real owners of this nonsense (the taxpayers), but will they?