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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money.

In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

Thursday, May 5, 2011

You have all read my Press Release in response to the Road Shows - now you can have the pleasure of reading the Spanish Government's Press Release issued today for the Road Show.  I will leave you all to digest the contents and make some comments!

They make it sound like such a safe place to buy.  Surely nothing can ever go wrong when you buy in Spain - can it??!!??

"Legal Security - One of Spain's Main Strengths"

"Spain’s legal framework regarding urban planning guarantees that any citizen can buy property in Spain with total security"

"Spain’s solid legal framework guarantees that it is safe to buy a home in Spain"

Notice that there is absolutely no mention of off-plan developments and Bank Guarantees.  As you can imagine this topic of Bank Guarantees was a main part of our meeting with the Government officials today!  We will be giving them a very hard time on this subject between now and the proposed second phase of the Road Shows currently planned for June (but still not confirmed).

They may wish for all the contents of their press release to be true, but just a little premature to be saying all these things now I think!


Spain: an attractive destination for real estate investment

• Prices have fallen in real terms by more than 20% on average; even more in large coastal towns where prices have fallen by up to 40%.

• The Government’s economic structural reforms are contributing to the recovery of the Spanish market.

• Spain’s legal framework regarding urban planning guarantees that any citizen can buy property in Spain with total security.

London, 4 May 2011. The Spanish Government presented the evolution of the Spanish real estate market to potential investors in London today. José Blanco, the Minister for Development, and Beatriz Corredor, Secretary of State for Housing, highlighted the recent price adjustment, available housing, and the legislative reforms that have been set in motion alongside the legal guarantees for buyers as the sector’s main attractions for British investors.

This event forms part of an international information tour which the Ministry is carrying out in collaboration with the state company “Invest in Spain”, the purpose of which is to report on the current situation of the Spanish real estate market. As well as the United Kingdom, the Ministry of Development will be visiting France, Germany, Holland, Sweden and Russia in the coming weeks.

The latest data for 2010 indicates that the majority of foreign purchasers of housing in Spain are citizens and investors from the United Kingdom and that Spain continues to be the number one tourist destination for the British.

According to José Blanco, the Minister of Development: “this is an ideal time to invest in Spanish real estate. The figures show that there has been an important drop in prices whilst all the competitive advantages we offer remain: safety, proximity, good weather, quality of life, our first class public services, and the infrastructure which connects our principal tourist destinations and which receives ongoing investment – we have completely renovated our entire transport network. In addition, our secure legal framework, which we are strengthening even more”.

The Spanish economy is beginning to show its first signs of recovery: in the fourth quarter of 2010 Spanish GDP increased 0.6% year-on-year and the forecast for the coming months confirms this trend. The different measures put in place by the Spanish Government to alleviate the economic crisis have contributed to this, and that includes the restructuring of the banking system, the increased flexibility of the labour market and reforms to the pension system.

This situation is reflected in the housing market, which has already gone through a large part of its adjustment and is now close to achieving a balance between supply and demand. The Spanish real estate sector is beginning to see a reduction in residential housing stock and a consequent price alignment.

Beatriz Corredor, Secretary of State for Housing asserted that: “the trend in the evolution of this stock is changing and that confirms that the market is recovering. It is dropping more specifically in the big cities such as Barcelona or Madrid and in tourist areas such as Andalusia and the Canary Islands”. She added: “Our country now has a wide range of real estate at more accessible prices than a few years ago. The prices of free-market housing have fallen by 15.4% on average since the first quarter of 2008, more than 20% in real terms and as much as 24% in certain provinces where there are more holiday homes. Nonetheless, the market is diversified and it varies depending on the area and the type of property. In fact, in some towns such as Torrevieja, Ibiza or Marbella prices have fallen by between 30 and 40%”.

Legal security: one of Spain’s main strengths

Spain’s solid legal framework guarantees that it is safe to buy a home in Spain. In recent years, the Spanish Government has adopted new measures to reinforce this field.

Transparency has been increased by a measure whereby any processes which may render a house illegal shall be publicly flagged in the Property Register. This register can be accessed by everyone who means that any purchaser can access this register prior to acquiring a property to check that there is no risk involved in the purchase.

Furthermore, the mechanisms employed in the fight against corruption in urban planning have been further strengthened. For example, the figure of Public Prosecutor coordinating Environmental and Town Planning matters has been created, and police resources have been reinforced by the creation of specific groups within the police and the civil guard to combat town planning crime. These aspects have been added to the penal code which was reformed on 23 December 2010 and which increased the punishment for this type of crime.

A Land Law is also in force which includes specific clauses aimed at combating town planning corruption; and local regulatory reforms have been introduced which make it obligatory for government members to publicise their assets and interests, and which tighten up the rules governing incompatibilities.

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Thursday, May 5, 2011


9.10am - Wed 4 May 2011

We have just been ejected from the Spanish Embassy in London.

We were very polite but the staff said to us:

"Todays event is private and by invitation only. It is to promote the Spanish Property Market to specially invited corporate investment companies. We are not here to discuss your issues. You must go through the courts. We must ask you to leave the building"

We did however leave some documentation with the staff and asked them to pass it to Sr. Blanco and Sra. Corredor.

The press conference is scheduled for 11am.

Will report more later.




Nobody else here - just me and one other member of the Finca Parcs Action Group.

The Press Conference started at 11am.

We were at the main door just before the Press Conference handing out our Press Releases.

The press were very interested, especially the Spanish media and radio.

I was interviewd by El Mundo and a Spanish Radio Station.

We are doing more interviews when the Press Conference is finished.


Afternoon Update:

After standing outside the Spanish Embassy for almost 6 hours since being ejected early this morning and ringing the intercom and phoning them we were finally invited inside for a meeting at around 2:45pm.

The meeting was with an Embassy official and 2 representatives from the Government delegation (not Sr. Blanco or Sra. Corredor).

They listened to our views, took notes, took paperwork from us and said they were keen to work on solving the issues in the Spanish Property Sector.

We will keep in close contact with them and push them for a way forward over the next few weeks.

From previous experience we know words come easy - let us see if this time they are prepared to take action.

After today they are certainly aware of the level of feeling against the Spanish Property Market. They know that they can only move forward if they begin to tackle the problems of the past.

So after feeling very negative for most of the day we do now feel just a little tiny bit positive!

Let's see what transpires over the next few weeks - only time will tell.


Evening Update:

I have learnt over the past 5 years that to get anything done in Spain you have to be persistent!!

The work with the Spanish Government has just begun!! There is much to do but we have surely made a small start today. They acknowlege us and know we exist and that we won't just go away.

I was accompanied today by Reg - a member of the Finca Parcs Action Group.

We gave some newspaper and radio interviews in the morning to both the UK and Spanish Press. We distributed our Press Releases in English & Spanish (thanks to María de Castro for the translations).

Around midday we were joined by 5 other 'protestors' who were a great support. One of them was Mike who posts on EOS & SPI.

The Government delegation would only meet two of us - so myself and Mike were put forward to represent the small group.

We understand the BBC did an interview with Sra. Corredor inside the Embassy. The BBC then came outside and while myself and Mike were in the meeting they interviewed the other 'protestors' outside the Embassy.

I am sure Mike will add something to this thread following our meeting with the Government officials. I think Mike may have also spoken to the BBC after our meeting.

Kind regards



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NOTA DE PRENSA - Respuesta a la Exhibición Itinerante de Propiedades de España
Thursday, May 5, 2011


- Respuesta a la Exhibición Itinerante de Propiedades de España

MAY 2011 – Para publicación inmediata

•  El Gobierno Español va a llevar a a cabo una exhibición itinerante en Europa a fin de promover la "transparencia y seguridad" del Mercado Inmobiliario Español.

•  Esto supone un insulto a miles de víctimas que han perdido o están a punto de perder sus ahorros de toda una vida como resultado de la corrupción y la negligencia que ha reinado en el ámbito inmobiliario español durante los últimos diez años.

•  Los compradores son muchas veces las víctimas inocentes de una cadena de mentiras, engaños, negligencias, irresponsabilidades y falta de control del mercado inmobiliario.

•  Don José Blanco y el Gobierno español deben tomar medidas sin más tardar a fin de asegurarse de que los abusos y los problemas que han sufrido los compradores de inmuebles en España se acaben de forma definitiva y a fin de que no vuelvan a ocurrir nunca más. 


¿ De verdad que habla en serio el Señor Blanco?

Afirma que la exhibición itinerante "Subrayará las fortalezas de nuestra economía, la transparencia y la seguridad jurídica de nuestras leyes urbanísticas"

Esto es un insulto hacia un gran número de ciudadanos que han perdido grandes cantidades de dinero como resultado de la corrupción y la negligencia reinante en el sector inmobiliario español.  ¡El sector inmobiliario español no goza ni de seguridad jurídica ni de transparencia! 

El Señor Blanco ha declarado " Parece que de pronto  me he convertido en agente inmobilairio pero la verdad es que mi función es asegurar una mayor seguridad jurídica a posibles inversores después de todas las campañas que se han disparado en contra del mercado inmobiliario español"

¿ Es que el Señor Blanco cree que dichas campañas carecen de justificación?
¿ Qué han hecho al día de hoy el sr. Blanco y el Gobierno Español para atajar estas campañas? ¡Nada!

Da la impresión de que el Señor Blanco quire responsailizar a estas campañas de la falta de seguridad jurídica en España del sector inmobiliario español. Igual que el resto del Gobierno español lo único que hace  es justificarse y echarle las culpas a los demás.  Esto es lo que dice y hace un hombre desesperado que confía en un milagro qeu haga desaparecer estas campañas.


El Señor Zapatero dirige un gobierno que no se enfrenta a los serios problemas que existen en el  ambito inmobilairio. Por el contrario, se dedican a  ignorar a las víctimas y a seguir adelante con la exhibición itinerante para la promoción de la transparencia y la seguridad jurídica, elementos que simplemente no existen en el sector de la Propiedad en España.

El 6 de Julio de 2010 en el Parlamento Europeo el Señor Zapatero afirmó "Estamos hombro con hombro con estas personas, que quizás han sido manipuladas y engañadas en el ámbito inmobiliario".  Esto es fácil de decir pero ¿que ha hecho él y su gobierno para acabar con estas injusticias y esta corrupción?

En Febrero de 2011, ante la  inminente celebración de estas exhbiciones itinerantes la Ministra de Vivienda, Sra. Beatriz Corredor Sierra manifestó:
"Tened tranquilidad y venid y confiad en el sistema que tenemos y la transparencia que ofrecemos"

Sr. Zapatero, Sr. Blanco y Sra. Corredor deben entender que para miles de víctimas, el sector Inmobilario Español no tiene ni " transparencia ni seguridad jurídica" 

A pesar de todas estas palabras vacías del Gobierno español, aún hay pocas pruebas de que se esten llevando a cabo reformas de ningún tipo.


Muchos agentes inmobiliarios, abogados y bancos fueron negligentes y actuaron con una irresponsabilidad profesional total. El sistema judicial se haya colapsado y de ello resultan esperas inaceptables que van en claro  beneficio de los promotores inmobiliarios corruptos y los Bancos negligentes. Los Jueces son inconsistentes y como resultado, la justicia real es aún nada más que un sueño para muchas víctimas.

Existe aún una falta total de entendimiento básico de la Ley 57/68 (Ley que trata sobre las garantías bancarias) y en muchos casos la Ley no se aplica correctamente.

El Supervisor del Sistema Financiero Español – el Banco de España- es totalmente ineficaz y carece de poder real.  Como resultado, los Bancos y las Cajas de Ahorro pudieron incumplir las obligaciones que tienen establecidas en la Ley 57/68, en connivencia con promotores corruptos y dejaron de proteger las cantidades avanzadas por compradores sobre plano. 

Es de una importancia capital el hecho de que muchos de los bancos y Cajas de Ahorro que aceptaron grandes sumas de dinero como cantidades adelantadas en compraventas sobre plano y no actuaron bajo la obligación legal de asegurar la existencia de las correspondientes garantías, según lo establecido en la Ley 57/68, son ahora las mayores agencias inmobiliarias del país  como resultado de  las ejecuciones hipotecarias, entre ellas de muchas promociones inmobiliarias.

María de Castro, Director del despacho de abogados  Costa Luz Lawyers, que representa al Grupo Finca Parcs en su demanda contra Caja de Ahorros del Mediterráneo y el promotor español Cleyton Ges, SL dice: "Los Bancos y Cajas de Ahorro tuvieron una exposición menor en las promociones inmobiliarias debido a su propia falta de control sobre la existencia de los avales que establece la Ley, en particular la Ley 57/68"

María de Castro también sugiere al Señor Blanco que "Durante las exhibiciones inmobilairias se reuna con los representantes de las víctimas y establezca un plan para la devolución de las cantidades debidas. Quizás esto de como resultado que estos compradores recuperen su confianza y el deseo de comprar en España de nuevo. Casi con toda seguridad esto provocará mayor respeto por España y sus políticos al comprobar que sus problemas se están tratando de solucionar" 


EL Señor Blanco y el Gobierno Español intentan subrayar la transparencia y seguridad jurídica que existe en el sector inmobiliario español.

No tenemos prueba alguna de esta transparencia y esa seguridad jurídica.

Solicitamos que las exhibiciones itinerantes también tengan como objetivo considerar los problemas de miles de víctimas inocentes muchas de las cuales no han obtenido resultado alguno a pesar de sufir años de acciones judiciales caras y estresantes a través de un sistema judicial que no les da respuesta.

Las víctimas inocentes del Mercado de la Vivienda español exigimos acción y restitución.

Estamos dispuesto a exigir responsabilidades, clamar justicia y asegurar un cambio para el futuro. Debemos advertir a futuros compradores en España de los peligros reales que pueden encontrar.

Es una situación muy seria y el señor Blanco y el Gobierno español no tienen nada que exhibir.  Antes de formular promesas vacías y embarcarse en exhibiciones itinerantes a fin de atraer a otras víctimas incautas al caos que es en la actualidad el mercado inmobiliario español , el Señor Blanco debe, junto con sus compañeros de gobierno, afrontar y rectificar las serias injusticias que han tenido lugar en su pais durante las pasada dácada.


El 29 de Abril de 2011, Mr Michael Cashman, Parlamentario europeo, escribió una carta abierta a Don José Blanco llamándole a "aprovechar las exhbiciones itinerantes para afrontar los problemas inmobilairios de decenas de miles de Europeos, incluidos propietarios españoles y británicos".  Mr Cashman lanza una pregunta al Sr. Blanco, “¿ Qué pasa con aquellos que ya han invertido y que, después de haber perdido sus propiedades, no han obtenido respuesta alguna del sistema judicial español?" La carta finaliza con la siguiente llamada a la prudencia: "No aconsejaría ninguna inversión en propiedad en España hasta que el problema se resuleva. Confío que el resultado de su visita traiga luces de esperanza a todas estas víctimas".


Hay muchos grupos afectados que piensan que ya que el gobierno español no ha afrontado las injusticias y la corrupción, las exhibiciones itinerantes no deberían tener lugar. Estos han puesto en marcha una petición online en la web GoPetition a fin de que el Ministro por Europa David Lidington, pida la paralización de estas exhibiciones itinerantes.



Mayor información del GRUPO DE ACCIÓN FINCA PARCS se puede encontrar en

Detalles de la petición en relación con los avales bancarios en España dirigida, entre otros, a Don Miguel Angel Fernandez Ordoñez. Gobernador del Banco de España ( El Banco de España en el banco central nacional y  supervisor del sistema bancario español), Don José Luis Rodríguez Zapatero, Presidente del Gobierno español y José Manuel Barroso, Presidente de la Comisión Europea, se pueden encontrar en la web BANK GUARANTEES IN SPAIN:

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Tuesday, May 3, 2011





  Spanish Government to hold Road Shows around Europe to promote the ‘transparency and legal security’ of the Spanish Property Market

  This is an insult to the thousands of victims many of whom have lost or stand to lose their life savings as a result of the corruption and negligence present in the Spanish Property Market over the past decade

  Purchasers are often the innocent victims in a trail of lies, deception, negligence, lack of due diligence and complete lack of control within the real estate sector.

  Sr. José Blanco and the Spanish Government must act now to ensure the abuse and problems being suffered by innocent property purchasers in Spain are ended immediately and that they are never allowed to happen again.


Is Sr. Blanco really serious?

He says the Road Shows will “Highlight the strengths of our economy, transparency and legal certainty of our planning legislation”

This is an insult to all those of us who stand to lose so much due to the corruption and negligence in the Spanish Property Sector. The Spanish Property Sector certainly does not have any transparency or legal certainty!

Sr. Blanco said “It seems that I have become a real estate agent but my role is to ensure greater legal certainty to potential investors following many campaigns against the Spanish property sector”

Does Sr. Blanco not think that those campaigns against the Spanish property sector are fully justified? What has Sr. Blanco and the Spanish Government done to address those campaigns? Nothing!

It appears that Sr. Blanco is trying to blame the campaigns for the lack of legal certainty in the Spanish Property Sector! Just like the rest of the Spanish Government he is passing the buck. These are the actions and words of a desperate man hoping that a miracle will happen and that all the campaigners will just ‘go away’.


Sr. Zapatero is leading a government who is failing to tackle the very serious problems in the Spanish Property Sector. Instead they are attempting to ignore the victims and move forward with a Road Show to promote transparency and legal certainty which are elements of the Spanish Property Sector that, in many cases, simply do not exist.

On 6 July 2010 in the European Parliament Sr. Zapatero said "We stand shoulder to shoulder with those people, who maybe have had the wool pulled over their eyes in the property sector”. That is easy for Sr. Zapatero to say, but what has he and his Government done to address the serious injustices and corruption?

In February 2011, when previewing the upcoming Road Shows the Spanish Housing Minister, Sra. Beatriz Corredor Sierra said: “Come here calmly and trust in the system that we have and the transparency we provide”

Sr. Zapatero, Sr. Blanco and Sra. Corredor need to understand that for thousands of victims of the Spanish Property Sector there was and still is no ‘transparency or legal certainty’.

Despite many empty words by Spanish Government officials there still remains little evidence of any ‘ongoing policy reforms’.


Many Estate Agents,
Lawyers & Banks were negligent and acted with a complete lack of professional due diligence.  The court system is overloaded which results in unacceptable delays clearly to the advantage of the corrupt developers and negligent Banks.  Judges are inconsistent and as a result real justice is still an expensive dream for many victims.

There remains a basic lack of understanding of LEY 57/68 (the law relating to off-plan Bank Guarantees) and in many cases the law is not applied correctly.

The Supervisor of the Spanish Banking System – the Banco de España is totally ineffective and has no real power. The result is the Banks & Savings Banks were allowed to ignore their obligations according to LEY 57/68, collude with the corrupt developers and fail to protect purchaser’s off-plan deposit funds.

Now of great concern is the situation whereby the Banks & Savings Banks that accepted vast sums in off-plan deposits and failed to issue or verify the existence of the legally required Bank Guarantees in accordance with Spanish Law, LEY 57/68, are now amongst Spain’s largest Real Estate Agents as a result of the fact they have repossessed so much property including many off-plan developments.

María de Castro, Director of the legal firm Costa Luz Lawyers who is representing the Finca Parcs Action Group in their legal action against the Savings Bank Caja de Ahorros del Mediterráneo (CAM) and Spanish developer Cleyton GES SL says: “The Banks & Savings Banks had a lesser financial exposure to the off-plan developments due to the fact they failed to secure all the off-plan deposit funds in the special accounts and with the legally required Bank Guarantees as required by Spanish Law, in particular, LEY 57/68”

María de Castro also has some words of advice for Sr. Blanco, “During the Road Shows Sr. Blanco should meet with the representatives of the victims and establish a plan for them to be refunded.  This may result in these people regaining confidence and wishing to buy in Spain again.  But most surely it will produce more respect for Spain and its politicians if there is real evidence that they are addressing the problems”.


Sr. Blanco and the Spanish Government are attempting to highlight the transparency and legal security they claim is present in the Spanish Housing Market. 

We have absolutely no evidence of this transparency or legal security.

We demand the Road Shows are also used to address the property issues of thousands of innocent victims many of whom have found absolutely no results despite suffering years of expensive and stressful legal action through the inadequate Spanish justice system.

We as innocent victims of the Spanish Housing Market demand action and recompense.

We are determined to force accountability, demand justice and ensure change for the future.  We must also warn potential future investors in the Spanish Property Sector of the very real dangers often encountered when purchasing a dream home in Spain.

is a very serious situation and Sr. Blanco and the Spanish Government have NOTHING to put on a show about. Before making more empty promises and embarking on a Road Show designed to entice other unsuspecting ‘victims’ into the shambles that is the Spanish Property Sector Sr. Blanco must, together with his government colleagues, address and then rectify the serious injustices that have taken place in their country over the past decade.


On 29 April 2011, Mr Michael Cashman MEP wrote an open letter to Sr. José Blanco calling on him to “take advantage of the time at the Road Shows to address the property issues of tens of thousands of Europeans including British and Spanish property owners”.  Mr Cashman also poses the question to Sr. Blanco, “What about those that have already invested and who, faced with the uncompensated loss of their property, have found absolutely no results through the Spanish legal system?”  The letter concludes with the following words of caution: “I would not advise any investment in Spanish property until this problem is resolved.  I trust the outcome of your visit will bring a light of hope to all these victims”.


There are many affected groups who feel that due to the fact the Spanish Government has failed to address the injustices and corruption, the Road Shows should not be taking place at all.  To this end an internet based petition on the Go Petition website has just been launched which calls on David Lidington, the Minister for Europe, to stop the Road Shows from taking place.


Further details regarding the FINCA PARCS ACTION GROUP can be found at:

Details of the Petition related to Bank Guarantees in Spain directed to, among others, Don Miguel Angel Fernández Ordoñez - Governor of the Banco de España (The Banco de España is the national central bank and supervisor of the Spanish banking system), Don José Luis Rodríguez Zapatero - Prime Minister of Spain and José Manuel Barroso - President of the European Commission can be found on the BANK GUARANTEES IN SPAIN website at:


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Tuesday, May 3, 2011







Muchos bancos españoles han incurrido en graves negligencias    profesionales a la hora de verificar la existencia de Avales Bancarios/ Pólizas de Seguro para la protección de cantidades entregadas a cuenta por compradores en compraventas sobre planos, tal y como establece el Derecho Español en concreto el artículo 1.2 de la Ley 57/68.


      Los compradores creen que los últimos responsables son el            Presidente del Gobierno de España, Don José Luis Rodríguez       Zapatero y al gobernador del Banco de España, Don Miguel Ángel        Fernández Ordóñez, debido a la falta de supervisión y de control   legislativo/ reglamentario al respecto.


      En muchos casos en los que los compradores recibieron Avales      Bancarios los Bancos se niegan a pagarlos incluso cuando el incumplimiento por parte del promotor es claro. De ésta forma       obligan innecesariamente  al comprador a sufrir largos y caros       procedimientos judiciales.



El Derecho español: LEY 57/1968  ofrece un marco de protección completo para el comprador que adelanta cantidades a promotores inmobiliarios  en compraventas sobre plano. Los derechos que se conceden al comprador en la Ley 57/68 son de “Carácter Irrenunciable”  y están fuera de toda discusión.


 La Ley 57/1968 establece:

Artículo 1.1
: Garantizar la devolucion de las cantidades entregadas mas el seis por ciento de interes annual*, mediante contrato de seguro otorgado con Entidad aseguradora inscrita y autorizada en el Registro de la Subdireccion General de Seguros o por aval solidario prestado por Entidad inscrita en el Registro de Bancos y Banqueros, o Caja de Ahorros, para el caso de que la construccion no se inicie o no llegue a buen fin por cualquier causa en el plazo convenido.
* La ley de Ordenación de la Edificación 38/99 cambió este porcentaje a al porcentaje del interés legal que se publica anualmente en el Boletín Oficial del Estado.
Artículo 1.2: Percibir las cantidades anticipadas por los adquirentes a traves de una Entidad bancaria o Caja de Ahorros, en las que habran de depositarse en cuenta especial, con separacion de cualquier otra clase de fondos pertenecientes al promotor y de las que unicamente podra disponer para las atenciones derivadas de la construccion de las viviendas.  Para la apertura de estas cuentas o depositos la Entidad bancaria o Caja de Ahorros, bajo su responsabilidad, exigira la garantia a que se refiere la condicion anterior.

La exposición de motivos de la Ley 57/68 explica claramente las razones que llevaron a la publicación de la misma. Habla dicho preámbulo de la existencia de una justificada alarma social y de la comisión de repetidos abusos en relación con las cantidades entregadas en compraventas sobre plano.  Dice también la exposición de motivos que dichos abusos consistían en claros delitos y que alteraban gravemente la vida social, provocando daños irreparables a la confianza y a la buena fe.

Dice también la exposición de motivos de la Ley 57/68 que la misma se promulga en protección de intereses públicos a fin de crear estándares preventivos de carácter general  para la real y efectiva protección de los fondos pagados por adelantado por los compradores y para asegurar así mismo la devolución de las cantidades en los supuestos en que la vivienda no sea comenzada o terminada en plazo.


Sin embardo, a pesar de que se promulgó esta Ley para la defensa de intereses públicos a fin de proteger las cantidades pagadas por compradores sobre plano, nos encontramos a fecha de hoy que durante los últimos 10 años miles de compradores en España no fueron protegidos debidamente con los Avales que la ley establece  y que en muchos de los casos en los que si existen Avales, los bancos o las Cajas de Ahorros se niegan injustificadamente al pago de los mismos.

Un buen número de bancos y cajas de Ahorro españolas aceptaron fondos de particulares en compraventas sobre plano, sabiendo que eran para compraventas sobre plano e incumplieron las obligaciones que establece la Ley 57/68:  emitir el aval o verificar la existencia de un aval.

Algunos Bancos incluyeron fechas de caducidad en los Avales emitidos por ellos, a pesar de que esto es contrario a lo establecido por el artículo 4 de la Ley 57/68 que afirma: Expedida la cédula de habitabilidad por la Delegación Provincial del Ministerio de la Vivienda y acreditada por el promotor la entrega de la vivienda al comprador, se cancelarán las garantías otorgadas por la Entidad aseguradora o avalista”

Como consecuencia directa de esta negligencia muchos compradores se han visto obligados a iniciar procedimientos judiciales largos y costosos a fin de ver reconocidos los derechos irrenunciables que les confiere la Ley 57/68.



El Banco de España en el banco central español y el supervisor del sistema bancario del país.

El Banco de España, en su
Memoria del Servicio de Reclamaciones del año 2008 y en el diario El País de Agosto de 2008 declaró: " La Ley 57/68 estableció obligaciones par a las instituciones financieras- algunos bancos no han actuado con diligencia”

El Presidente del Gobierno Español Don José Luis Rodríguez Zapatero  dijo en el  Parlamento Europeo el pasado  6  de Julio de 2010:  "
Mi país es un Estado de Derecho que respeta y hace respetar las leyes y, en la aplicación de las leyes, son los tribunales los que tienen que aplicar esa ley. Nos sentimos cerca de las personas, que quizás hayan podido ser objeto de estafa por algún depredador del sector inmobiliario”


Los responsables últimos son el Señor Zapatero y el Banco de España debido a su falta de revisión y control legislativo o reglamentario sobre Bancos y Cajas de Ahorros que son los guardianes de la Ley 57/68 y que fueron el vehículo a través del cual se permitieron muchas ilegalidades.


Los compradores de viviendas sobre plano son las víctimas inocentes de una cadena de mentiras, engaños, negligencias, faltas de debido cuidado y falta completa de control en el sector inmobiliario. En muchos casos la negligencia y falta de cumplimiento del deber profesional comenzó con los agentes inmobiliarios y terminó con los Bancos y Cajas de Ahorro.

Como respuesta directa, Ruth Genda,  víctima de abuso relacionado con Avales bancarios, envió una petición al Banco de España en Enero de 2009, el Banco de España solamente respondió con la sugerencia de llevar el asunto a los Tribunales españoles. Una respuesta absolutamente insatisfactoria del órgano encargado de la supervisión del sistema bancario español, por ello, una petición más detallada se ha elaborado ahora por compradores de propiedades españolas sobre plano, todos ellos siendo víctimas en la actualidad o habiendo sufrido abusos  en el pasado en relación con Avales Bancarios.

Esta nueva PETICION  se ha organizado por Keith Rule, Coordinador del Grupo de Acción Finca Parcs, un grupo que consiste en 63 compradores en la promoción Las Higuericas, Finca Parc, ninguno de los cuales recibió los avales bancarios que la Ley establece como obligatorios.

Los principales objetivos de ésta PETICION que se dirige principalmente al Presidente del Gobierno, Don José Luis Rodríguez Zapatero y al Gobernador del Banco de España, Don Miguel Ángel Fernández Ordóñez son:

 Exponer las actuaciones negligentes de todos los actores involucrados, incluidos Bancos y Cajas de Ahorro.

 Remarcar los retrasos inaceptables que compradores inocentes están sufriendo en la actualidad en los Juzgados y Tribunales.


• Forzar a la responsabilidad y pedir justicia

• Asegurar cambios para el futuro


Siendo este un asunto de extrema gravedad y que afecta al orden público, solicitamos  que el Banco de España y el Gobierno Español actúen con inmediatez a fin de asegurar que:

• Todo comprador a quien no se le dió Aval bancario reciba inmediatamente las cantidades entregadas a cuenta de acuerdo con lo establecido en la Ley 57/68.

• Todo comprador titular de Aval Bancario, y cuyo promotor inmobiliario haya incumplido el contrato, pueda ejecutar el Aval  de acuerdo con lo establecido en la ley 57/68 sin la necesidad de ir a pleito.


 Se creen Juzgados rápidos y especializados para la solución de estos asuntos

•  El Gobierno español y el Banco de España establezcan un fondo para asegurar la devolución en todos estos casos de abuso en relación con Avales bancarios.

• El Gobierno Español y el Banco de España actúen inmediatamente a fin de acabar definitivamente con los abusos sufridos por personas inocentes en relación con sus compraventas sobre plano y de que este tipo de abusos no vuelvan a ocurrir.


Si el Banco de España y el Gobierno Español no hacen nada en un determinado margen de tiempo en relación con los problemas enunciados  procederemos a  solicitar medidas al Parlamento Europeo y a la Comisión Europea a fin de que se tomen medidas firmes y efectivas  con el objetivo de que estas graves ilegalidades financieras  se aborden a la mayor brevedad.


Esta es la petición más detallada sobre Avales bancarios que se ha presentado hasta el momento y es importante que se obtengan tantas pruebas como sea necesario a fin de asegurar que podemos presentar un dossier de pruebas completo y  una relación pormenorizada de todos los aspectos del gran  abuso que han venido sufriendo compradores inocentes en compraventas sobre plano en España.

Toda persona que se haya visto afectada por este asunto puede visitar la página web de Avales Bancarios en España y añadir su voz a esta PETICION:


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Tuesday, May 3, 2011






-          Many Spanish Banks are guilty of gross negligence and lack of
            professional due diligence for their failure to issue or to verify the
            existence of Bank Guarantees/Certificates of Insurance to protect
            deposits paid in advance by purchasers for off-plan property
            in Spain, as required by Spanish Law, in particular, LEY 57/1968,
            Article 1.2

-          Purchasers hold Spanish President, Mr José Luis Rodríguez
            Zapatero and the Governor of the Banco de
España, Mr Miguel
            Ángel Fernández
Ordoñez ultimately responsible due to their lack
            of supervision and regulatory control.

-          In many cases where Bank Guarantees were issued to purchasers
            Banks are now refusing to honour them even though the developer
            has clearly defaulted on the contract, thereby unnecessarily
            forcing the purchaser into a lengthy and expensive litigation


Spanish Law - LEY 57/1968 provides comprehensive protection for purchaser deposit funds paid to the developer in advance for a property.  The rights granted to the purchaser under LEY 57/1968 are of a 'Caracter de Irrenunciables' (Inalienable Character) and are INDISPUTABLE.

LEY 57/1968 states:

Article 1.1
The developer must ensure the return of the payments made plus six percent annual interest*, by means of a Contract of Insurance granted with an Insurance Entity inscribed and authorized in the Record of the General Sub-department of Insurers or by means of a Bank Guarantee issued by an Entity inscribed in the Record of Banks and Bankers or Savings Banks, if the construction does not commence or complete for any reason by the agreed deadline.
* The Building Act LEY 38/99 amends this percentage to the legal rate as published annually in the Boletín Oficial del Estado.
Article 1.2
: Must receive the sums advanced by purchasers through a Bank or Savings Bank, which must be deposited in a Special Account, with separation from any other funds belonging to the promoter, which may only contain funds deposited for the construction of dwellings. For the opening of these accounts or deposits the Banking institution or Savings bank, under its responsibility, will demand the guarantee to which the previous condition refers.

The preamble of LEY 57/68 explains clearly the reasons for its implementation in 1968.  It states that there was justified public alarm at the fact that repeated abuses had been taking place with regards to off-plan deposits.  It says the abuses which were obvious criminal acts had a serious disruption of social life, constituted a serious alteration of the social coexistence and caused irreparable
damage to trust and good faith.

It says LEY 57/68 was being introduced in the Public Interest to create general preventative standards to ensure the real and effective protection of funds paid in advance by purchasers and to ensure they received a refund in the event that the house building did not take effect.

However, despite LEY 57/68 being introduced in the public interest to protect deposits paid by Off-Plan purchasers we now find that during the past 10 years thousands of Off-Plan purchasers in Spain were
not provided with the legally required Bank Guarantees and in many cases where Bank Guarantees were issued the Banks & Savings Banks are now refusing to honour them.

A number of Spanish Banks & Savings Banks accepted funds which they knew were for off-plan deposits and failed in their obligations under Spanish Law – LEY 57/68 – to either issue the corresponding Bank Guarantee or to verify the existence of a Bank Guarantee or Certificate of Insurance.

Some Banks included pre-determined expiry dates in Bank Guarantees that they issued even though this is contrary to the requirements of Article 4 of LEY 57/68 which states: ‘
Once the Certificate of Occupancy is issued by the Provincial Delegation of the Ministry of Housing and given by the promoter of the housing to the buyer the rights guaranteed by the insurer or guarantor will be cancelled’.
As a direct result of this negligence many purchasers have been unnecessarily forced to take expensive and lengthy litigation proceedings in an effort to have their
inalienable rights which are granted by LEY 57/68 upheld.


The Banco de España is the national central bank and supervisor of the Spanish banking system.

Banco de España stated in their 2008 customer service report (Memoria del Servicio de Reclamaciones 2008) and in August 2008 in El Pais Newspaper "There are obligations imposed by LEY 57/1968 on financial institutions - some banks have not acted with diligence"

Spanish President Mr José Luis Rodríguez Zapatero said in THE EU PARLIAMENT ON 6 JULY 2010:  "My country is based on the rule of law and it respects and ensures that laws are respected.  The courts are responsible for the application of law. We stand shoulder to shoulder with those people who, maybe, have had the wool pulled over their eyes in the property sector"


The ultimate responsibility lies with Mr Zapatero and the Banco de España for their failure to adequately and effectively supervise the Banks & Savings Banks who are the guardians of LEY 57/68 and who were the 'vehicle' through which the illegalities were allowed to operate.


Off-Plan purchasers are the innocent victims in a trail of lies, deception, negligence, lack of due diligence and complete lack of control within the real estate sector.  In many cases the negligence and lack of due diligence began with the Estate Agents and has ended with the Banks & Savings Banks.

In a direct response, Ruth Genda, herself a victim of Bank Guarantee abuse, submitted a Petition to the Banco de España in January 2009, however at that time the Banco de España suggested that the matter be dealt with by the Spanish courts.  This was a totally unsatisfactory response from the Supervisor of the Spanish Banking System, therefore another more detailed PETITION has now been organised for purchasers of Spanish Off-Plan Property who are currently suffering or have suffered
ANY type of Bank Guarantee abuse.

This new PETITION has been organised by Keith Rule, Coordinator of the Finca Parcs Action Group, a group currently consisting of 63 purchasers on the Las Higuericas, Finca Parcs development, none of whom were provided with the legally required Bank Guarantees for their Off-Plan deposits.

The main aims of the PETITION which is primarily addressed to Spanish President, Mr José Luis Rodríguez Zapatero and the Governor of the Banco de
España, Mr Miguel Ángel Fernández Ordoñez are:

• To expose the
negligent actions of all those involved including the Banks & Savings Banks

• To highlight the
unacceptable delays innocent purchasers are unnecessarily being subjected to in the courts

• To force accountability and demand justice

• To ensure change for the future


This is a serious public order matter and our petition demands that the Banco de España and Spanish Government act immediately to ensure that:

• Any purchaser not provided with the legally required Bank Guarantee is  
refunded immediately in accordance with LEY 57/68

• Any purchaser in possession of a Bank Guarantee, where the developer has
clearly defaulted on the contract, is able to execute the Bank Guarantee, in accordance with LEY 57/68, without the need for litigation

'Fast Track' specialised courts be established

• The Spanish Government and Banco de España must immediately set up a fund to underwrite the refunds on all Bank Guarantee cases

• The Spanish Government and Banco de España must act now to ensure the abuse being suffered by innocent off-plan purchasers in Spain is ended immediately and that it is never allowed to happen again.


If the Banco de España and Spanish Government fail to act within defined timescales on the above issues then we ask the European Parliament and European Commission to take firm and effective action demanding that these very serious financial illegalities be addressed as a matter of extreme urgency.


This is the most extensive Bank Guarantee petition ever undertaken and it is essential that we gather as much information as possible to ensure we are able to present a comprehensive dossier of evidence and a complete account as to the scale of abuse suffered by innocent purchasers of Off-Plan Property in Spain.

Any person affected by this issue is urged to visit the Bank Guarantees in Spain website and add their voice to this very important PETITION:

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