Sareb writes off €719m of bad loans

Higher provisions for bad loans have hit Sareb, more than doubling the net losses to €585m in 2014. Spain's bad bank has been operating for two years, dealing with €50.8bn of distressed real estate related loans and assets. For 2014, it has written down €719m of toxic loans which are unlikely to be recovered. The bulk of these, €628m were originally unsecured credits and the borrowers are insolvent. Spain's central bank has required Sareb to increase and accellerate their write down.