The Bank Assets Funds (FAB) are separate assets without legal personality composed of assets and liabilities transmitted by " Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A."(Sareb), which have tax and operational advantages which allow both Sareb and the potential investors, optimize their divestiture and investment strategies respectively.
The FAB can be classified as a hybrid between the Securitisation and Collective Investment Institutions, so that the regulation of the FAB is contained in the Act 9/2012 of 14 November, on restructuring and resolution of credit institutions (the "Act 9/2012") and in its development regulations, Royal Decree 1559/2012, of 15 November, which establishes the legal regime for the assets management companies (the "RD 1559/2012"). Subsidiarily, where not provided for in Act 9/2012 and in the RD 1559/2012 the governing rules of the securitisation funds of assets and the collective investment institutions apply to the FAB.
As key factors to take into account, and which establish the different aspects of the FAB, we could emphasize:
FUND NAME | ISSUED AMOUNT | INCORPORATION DATE | LIQUIDATION DATE |
---|---|---|---|
ESLA, FAB | 52,180,000.00€ | 10/23/2019 | |
Arqura Homes FAB | 811,389,000.00€ | 06/05/2019 |