Spain's 'bad bank' receives toxic assets from nationalised banks

The "bad bank" (Sareb), created to separate healthy assets from the toxic ones, received on Monday the toxic assets from four nationalized financial entities with a value of 36.085 billion euros (47.582 billion U.S. dollars). The four entities are Bankia, Novagalicia Banco, Banco de Valencia and Catalunya Banc, of which Bankia is the one transferring the highest number of assets, or 22.318 billion euros (29.429 billion U.S. dollars). Catalunya Banc transferred 6.708 billion euros (8.845 billion U.S. dollars), Novagalicia Banco 5.097 billion euros (6.721 billion U.S. dollars) and Banco de Valencia 1.962 billion euros (2.587 billion U.S. dollars). In addition, another four financial entities receiving the European Union (EU) assistance will also transfer their toxic assets to the SAREB. Via these toxic assets, the "bad bank" acquires houses, credits that have not been paid by developers and lands that now should be sold.