makes a serious warning about foreclosures saying that instead of declining, the threat of brick on the financial sector are gigantic. Despite the horrendous effort made by banks to get rid of the housing stock that have accumulated during the crisis, the accounts are still not out.
At least those of Banesto, the best barometer of the evolution of domestic banks by virtue of his pure English bank. Following the new requirements of Bank in Spain, the bank owned by Santander has released its real estate exposure and verse. And the figures leave no doubts: the total portfolio of properties of bank had soared 28% in twelve months to 2,950 million. In addition, the new product entry reaches 1.082 million compared to the 431 outlets and generated sales losses are still around 20%.
The result is inconclusive. Although home sales have grown by 48% in 2010, continues to enter much of the real estate product that leaves -1.082 million, compared to 431 million, losses arising from their sale are held, the discounts will continue at 20% - and Given the anticipation of CEO Jose Garcia Cantera - "2011 will be very similar to 2010" - the immediate future is not rosy.
Therefore, the entire sector has much to paddle to reach the shore that allows ease the heavy load of bricks. Especially if you consider that 2009 was the worst year of the crisis for the English property sector. But apparently seen, its impact threatens to be very durable.
That year, Banesto closed with a total property portfolio of EUR 2.299 million, of which 1,265 were acquired property to developers in exchange for debt. That is, first home, a priori less difficult to put on the market.
in 2010, has more than doubled the number of this type of asset that enters the Banesto stock of last year. That is, the situation remains dire and promoters have to swap debt for their best assets. This year many of the property affected by the crisis have to refinance its debt, so that experts expect a flood of new houses in the portfolios of financial institutions.
On the contrary, he is much more stable the number of awards by judicial -597 000 000 compared to 681 last year, mainly second-hand housing generally medium or low quality. In this segment, sales have increased more than three because of price discounts that have been much more aggressive. Stock
6,000 homes
After selling 3,000 units of its own stok in 2010 and help the promoters to which financed during the boom to sell another 7,000 last year -Through its portals housing and commercial-Banesto teams facing 2011 with a portfolio of housing between 5,500 and 6,000 flats.
This contrasts with the reduction in irrigation construction and real estate sector in the balance of bank , falling from 17.4% to 13.3% and stood at 10.354 million euros. Since 2007, the bank has reduced its risk by 42.7% promoter.
As for doubtful debts related to the brick, totaled 1,670 million euros. If you add the 1,076 million substandard credit, which may come in arrears, total non-performing loans could rise to 2.746 million euros.
source: noticias.lainformacion.com
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