canada goose clearance property advisers on crisis options

cheap Canada Goose LONDON, May 2 (Reuters) Spain is sounding out investment banks including Credit Suisse, Goldman Sachs and UBS as it seeks a credible fix for its banks roiled by a collapse in real estate prices and now threatening the creditworthiness of Spain itself, sources familiar uk canada goose with the matter said.

buy canada goose jacket cheap Spain has repeatedly said it will not ask for European canada goose jacket Union or IMF money to solve the canada goose clearance sale problem of its banks, hit by billions of euros in losses after the bursting of a decade long property bubble in 2008. canada goose coats on sale Instead, the central bank is consulting about setting up a holding company to value and sell off the real estate assets.

Canada Goose Jackets Bankers say institutions in the running to advise Spain include those with experience of setting up Ireland National Asset Management Agency (NAMA) a model which Spain could use or in arranging Greece debt restructuring earlier this year.

canada goose store Lazard, Blackstone and BNP Paribas advised on restructuring Greece debt. Goldman Sachs and Bank of canada goose uk black friday America were among the main advisers to Ireland.

canada goose black friday sale Credit Suisse, UBS, canada goose coats Citigroup, JP Morgan, Rothschild, Nomura and Deutsche Bank have also participated in government work through the financial crisis, according to Thomson Reuters data.

are debating ideas and being encouraged by the International Monetary Fund to do so, said Pierre Yves Bonnet, global head of financial institutions group Canada Goose Parka at Societe Generale.

it is a very political decision as it means that they underestimated the necessary writeoffs in the first place.

canada goose coats on sale Spain conservative government has told the country banks to raise almost 54 billion euros in capital this year.

canada goose clearance sale Since June 2008, and without taking into canada goose store account new measures set in motion by the Spanish government regarding construction and property development related assets, provisions have already been increased by 112 billion euros, according to recent data by the Bank of Spain.

canada goose deals The state has injected about 18 https://www.canadagoosesale.biz Canada Goose online billion euros into the system, has taken control of five banks and has forced lenders to recognise steep losses. It is now looking at what it calls a structure to take toxic assets off their books.

Some analysts Canada Goose Online expect property prices to fall another 20 or 30 percent. Many therefore believe existing provisions against bad real estate loans will not be enough, and some say canada goose factory sale Spain will eventually need a bailout like Greece, Portugal and Ireland.

canada goose A first step would be for real estate advisers to determine how much the government should provision for a bad bank.

Selecting a banking adviser to help create and canadian goose jacket launch a Canada Goose Outlet bad bank is a politically Canada Goose sale charged step that would come later in the process, bankers said.

canadian goose jacket Peter Hahn, who teaches finance at London Cass Business School and is a former managing director at Citigroup, said investment banks could provide valuable input on a clearing price.

real estate consultant valuation buy canada goose jacket cheap is not worth anything unless you can find a buyer for those assets. That where the investment banks come in, he said.

Canada Goose Parka INDIVIDUAL MANDATES THE PREFERRED ROUTE Privately some bankers said they would prefer not to get a canada goose uk outlet role advising the government, because a one off fee for the work would cheap canada goose uk be potentially less lucrative than a couple of mandates to sell or buy Spain regional savings banks, known as

Potential advisers are also keen to avoid getting involved in conflicts of interest that could cost them business.

prefer transaction specific deals rather than a sector wide mandate because that can conflict you out of every buyside transaction, said a London based banker, who buy canada goose jacket covers the financial institutions sector.

The Bank of Spain has already sold four banks rescued by the state and has three more left to sell. It started marketing two of these the small Banco de Valencia and Catalunya Caixa, a mid sized Catalonian savings bank, on Thursday.

Canada Goose Outlet One banker said the mandates to sell the cajas were rotated among a panel of investment banks that had been pre qualified for the appointments.

Nomura was selected cheap Canada Goose to sell Banco de Valencia with guarantees on its Canada Goose Coats On Sale 6 billion euro portfolio of troubled real estate assets covering 80 percent of future losses over 10 years, bank sources who had seen the prospectus said previously.

canada goose coats Potential losses should be covered through the country Deposit Guarantee Fund (DGF), financed by annual contributions from banks, which originally covered retail deposits but now also guarantees other assets.

Citigroup won a similar role at Catalunya Caixa, which was taken over in September when it was valued at almost nothing. This sale is also expected to be financed by the DGF with a similar asset protection scheme on a soured real estate portfolio of almost 6 billion euros.

Canada Goose online PROPERTY ADVISERS Madrid has played down the idea of creating a uk canada goose outlet bad bank similar to NAMA, set up after Canada Goose Jackets Ireland suffered its property crash. However, Spanish government officials have held informal talks with at canada goose black friday sale least four international property advisers to learn more about NAMA inner canada goose clearance workings, the sources said.

is being done discreetly over dinner or through approaches at trade shows, one source said. have had a lot more approaches of late.

Real estate advisers canada goose uk shop including CBRE, Savills, DTZ and Knight Frank have given advice on what many property industry sources see as a successful Irish model.

Supporters of that approach include Joe Valente, head canada goose of research and strategy for the European real estate group at JP Morgan.

Others including Jones Lang La Salle were also likely to have held talks, the sources close to the sector said.

Canada Goose sale CBRE, Jones Lang LaSalle, Knight Frank and Savills declined to comment. DTZ was not immediately available for comment.