Generic Bank guarantes-new buyers

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16 Dec 2011 00:00 by spanishpunter Star rating. 31 posts Send private message

All Europe has to go back to basics, retrench and sort out all the bank debt  problems,  before there is any chance of a recovery

In UK that is in place and it will still be difficult…recovery starts circa 2015!

To bring back UK and northern European buyers of holiday homes, which is important to the Spanish economy, they have to first ‘deal with the outstanding old problems’ the main one is  ‘generic bank guarantees which the Spanish Banks did not issue in compliance with the law’ for those developments not completed

The illegal [!] builds are being sorted albeit slowly!

The Spanish banks have made ‘provisions  in their bad debts’ for these liabilities-because they have to, including interest and legal cost-they are international banks !

When CAM bank was put up for sale, Bank of Spain would have made sure that ‘generic bank guarantees’ from CAM and the’ buyers’ were all provided for in the debts

Bank of Spain knows full well the Spanish Law in respect of ‘generic BG’s’!

But as everywhere Banks will not ‘pay up and settle’ until it suits themselves -applies in UK with recent HSBC liability settlement

CDS being the prime location in Southern Spain will no doubt be the first to come out of the recession but not until this  generic BG liability’ is settled

Now if there was the same situation in USA and now in UK there would be ‘ class actions over generic bank guarantees’ and the ‘lawyers ‘would be just waiting for a ‘ big fee pay out’!!!!!

Perhaps one of the consequences of the recession in Spain is that ‘ the Spanish lawyers will get real and modern’!!!!!!!!       

Just a view supported I think by recent ‘court decisions ‘reported on EOS

 

 





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17 Dec 2011 10:23 by mariadecastro Star rating in Algeciras (Cadiz). 8127 posts Send private message

mariadecastro´s avatar

 I agree that the issue of Bank Guarantees need to be solved before international buyers gain  trust again

Keith Rule is doing an excellent job in that field: www.bankguaranteesinspain.com

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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