The bank made the first contacts with the funds, to whom had informed that at the price at which Santander was sold (66% discount) is willing to transfer many credits and assets foreclosed.
According last accounts, BBVA has a real estate exposure in Spain of €20,190 million. The provisions reduce the net value of the assets to 8,760 million, which implies a coverage of 57%. As for assets foreclosed (has 13,183 million), the allocations cover 63% of the assets value, facilitating thus its transfer.