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Global Banking News-February 19, 2018--Spanish banks substantially reduce toxic assets
It was set up to handle toxic assets stemming from the 2008 financial crisis.
Sinn Fein TD David Cullinane said the correspondence also casts doubt on a lot of what the toxic assets agency said about the PS1.
The City was also cheered by an update on the lender's internal bad bank - set up to dispose of toxic assets.
Chief executive Ross McEwan said the results showed the underlying strength of the business, but warned there remained "bumps in the road ahead" as it continued to deal with scandals of the past and dispose of toxic assets.
8billion hit it recently took to create a "bad bank" where it could hive off toxic assets.
3 billion will be given out of the National Oil Fund to back the Toxic Assets Fund.
A BAD bank would buy up toxic assets from troubled banks -- for example, non-performing loans (NPLs) -- at a discount and then try to sell any collateral for profit, if possible.
It was also part of the agreement RBS had reached in 2009 to shelter PS282 billion of toxic assets in the government's Asset Protection Scheme.
CHANCELLOR George Osborne has admitted Royal Bank of Scotland is unlikely to be re-privatised before the 2015 general election as he opted for a faster run-down of the bank's toxic assets.
SeeNews) - Nov 13, 2012 - Spanish bad bank Sareb, designed to take up the toxic assets of the national troubled banking sector, has February next year as a deadline to attract foreign private investors, Antonio Carrascosa, general director of bank restructuring fund FROB, said, cited by the Spanish media.
SeeNews) - Nov 8, 2012 - Some London-based investment funds are interested in the acquisition of toxic assets from Spanish bad bank Sareb, if the Spanish government secures funding for such purchases, local daily Expansion said today.