MRI Group (Golf Course)

It seems Banco de Valencia a major player in the Polaris bankruptcy settlement  a couple of years ago when Polaris had to sell off of properties to generate some capital.Now looks to be in trouble with its shares being suspended from trading on Monday morning with the bank of Spain having to inject over a billion euros to steady the ship. I know when we were near completion on our property a couple of years ago this bank got in touch to offer us a builders mortgage which we declined and went elswere so probably quite a few owners will a have mortgages with this bank but they also make up the group of banks that went onto form the MRi Group ie Banco Popular, Bancaja Group, Mediterranean Savings Bank (CAM) and Banco de Valencia. and also Cam which is now being managed by the Bank of Spain has showed a loss of 1,731 million euros not good as all this Mri group have a say on the running of the 3 golf courses Terrazas,Mar Menor and Condado I know Ola golf run and maintain the courses but will this reflect in any future devlopments of the three golf courses lets say some where to have a meal and a drink  a shower block to get cleaned and changed its like the pub on Terrazas will we ever see this opened  it may be a good thing if these banks are going to have to sell off some of there assets to the private sector we might see some things getting opened and attracting new people onto the resorts cause were going to need them.

Graham

 The group is called IRM not MRi. It owns much of the property on Terrazas as well as the golf course. As well as the three courses now run by OlaGolf it also owns the other three Polaris courses (La Torre, El Valle & Hacienda Riquelme) which are now being run by Global golf. It is expected that they, Global golf, will take over from Olagolf too at some point soon. IRM has a clear interest in presenting a well running Resort and golf course so that they can make some money from the golf and maintain the sales value (as far as currently possible) of all the properties they own. We must hope they can carry on, as we otherwise risk these properties being taken over by a Government "holding bank". These are unceretain times. The resort as is, is in attractive condition and a great place to be and the golf course is a fine asset. Lets hope we come through with this intact.

Nic W.

What happens if you have a mortgage with Banco De Valencia, any ideas?