DDC European Investment Series, Spains NPL Market, Enrich - Sareb
b'Welcome to Capital Markets Today and the DDC Financials\\u2019 series of European Investment Forum podcasts.\\xa0 Capital Markets Today listeners can use code NSCM30 for a 30% discount to the European Investment Summit being held in Miami USA on March 8 & 9th 2017 The global financial crisis decimated Spain\\u2019s real estate development market and increased the NPL ratio from 1 per cent pre-crisis to more than 10 per cent in 2012. This translated into Spanish banks holding more than \\u20ac500 billion of distressed assets at the peak of the crisis. Thanks to a comprehensive restructuring of the Spanish financial sector, which included the creation of the Spanish \\u201cbad bank\\u201d Sareb, which absorbed more than \\u20ac50 billion of distressed assets, the Spanish banks have been able to reduce the total volume of distressed assets to approximately \\u20ac215 billion, of which approximately \\u20ac85 billion are real estate owned properties (REOs). This reduction in the volume of distressed assets has been achieved through sales of portfolios of distressed assets, which in 2015 amounted to \\u20ac15 billion. This figure is likely to reach \\u20ac19 billion in 2016, and will continue to rise in 2017. Joining the broadcast today to discuss the Spanish NPL market is Manuel Enrich, Investor Relations Director for Sareb.\\xa0 Sareb is the asset management company for distressed assets arising from the banking sector reorganization.'