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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 613. Property real prices finally here
11 October 2011 @ 08:52

Pain before life

as it is always

PP is preparing a comprehensive reform of the financial sector, to promote a second round of bank mergers and, above all, to clean up bank balance sheets as soon as possible, although this then will  require a new-and wide-round of recapitalization. The economic team of the PP believes that the remodeling sector is not over, since the entities are still suffering a surfeit of troubled assets, mainly from real estate and largely because of this circumstance, credit does not flow to the "big job creators," which are SMEs, according to the PP.

PP will request, by force of Bank of Spain order to “assess such assets to their real value and record the corresponding losses and to show red numbers as soon as possible" We must accept the financial losses to clean the balances," says Alvaro Nadal, secretary of Economy of the PP, to Expansion.

Cristobal Montoro added that this should have been done at the beginning of the financial crisis, but the sooner the better.

Genova's economic team believes that this amendment will make the credit flow again toward entrepreneurship, as so far the banks have been focused on recouping those bad assets and this has stopped crediting and has raised  interest rates for the rest of the companies.

"Those who produce and create jobs cannot do it; due to lack of credit and those who are not producing have all the credit, as developers”

PP is also sure that through this consolidation, “houses will come out to the market faster and with greater discounts. This will help to finally digest the stock ". It is estimated that financial institutions have assumed a surplus of some 200,000 properties. There is no doubt that the reform will be very unpopular in the financial sector, but Nadal replied: "This is independence."

Keith Rule: go quickly and talk with this people about Law 57/68!
 
 
 
Arcos de la Frontera
"Arcos de la Frontera", Cadiz, Spain, by tiubuk, at flickr.com


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1 Comments


Keith said:
11 October 2011 @ 10:42

I will María.

The Bank Guarantees Petion is already addressed to senior members of the PP as we expect them to form the next Government.

I will add Alvaro Nadal to the list of those Petitioned. I will also contact him to discuss LEY 57/68.

María - Thank you for your continued support in our fight to secure the inalienable rights as granted to us, the purchaser, by LEY 57/68.

Kind regards

Keith

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