BANK GUARANTEES IN SPAIN
PETITION
www.bankguaranteesinspain.com
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.
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.
Many purchasers have been forced to take expensive and lengthy litigation proceedings in an effort to have their inalienable rights which are granted by LEY 57/68 upheld.
In a direct response to these abuses, we have now launched a PETITION for purchasers of Spanish Off-Plan Property who are currently suffering or have suffered ANY type of Bank Guarantee abuse.
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
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.
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.
Please go to the Bank Guarantees in Spain website and add your voice to this very important PETITION:
www.bankguaranteesinspain.com