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The Spanish government were due to agree the setting up of the bad property bank this week. However the EU has requested it be delayed.
http://money.uk.msn.com/articles.aspx?cp-documentid=251032744
What difference this will make to the market is anyone’s guess. The assets will still need to be disposed of somehow. Mortgages on these repossessed properties may be difficult to obtain once the banks have them off their balance sheets.
Will the government provide finance? I doubt it. They may just sit on the band banks books for years and years with little incentive to shift them.
Hi,
But I thought this was approved last friday?
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