Bank Assets Funds

Whats is a FAB?

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.

Key Factors

As key factors to take into account, and which establish the different aspects of the FAB, we could emphasize:

  • They are instruments whose management and administration is exclusively entrusted to the Securitisation Fund Management Companies.
  • The assets of the FAB can be composed of any asset transferred by SAREB, and unlike the Securitisation Funds, is not limited to Credit Rights. Generally real estate assets are incorporated of different nature.
  • The liability of the FAB can be arranged both in debt instruments and in equity instruments.
  • The values issued by the FAB can be listed  on regulated markets, being destined for professional investors.
  • The FAB has the capacity to be structured by compartments, optimizing their management and governance structure.

Active Funds

ESLA, FAB52,180,000.00€10/23/2019
Arqura Homes FAB811,389,000.00€06/05/2019

Liquidated Funds