Sareb is the bad bank of the Spanish government. Its purpose is to manage and disinvest high-risk assets that were transferred to it from the four nationalized Spanish financial institutions (BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia). The company was formed in 2012. The main drivers of the 2008–2014 financial crisis in Spain were the weaknesses, lending practices and failures of the savings banks in Spain. It had its roots prior to 2008 which the credit crunch and sovereign crisis have exacerbated. With the Spanish Royal Decree-Law 24/2012 of 31 August 2012, Sareb was created. The Fund for Orderly Bank Restructuring (FROB) held a majority shareholding of the financial institutions which in the judgement of the Bank of Spain require restructuring or winding up in accordance with Spanish Law 9/2012 (Banco Mare Nostrum, CEISS, Caja3 and Liberbank). Private shareholders own 55% of Sareb and the remaining 45% is held by the FROB. More information...
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