Bill would let the State take control of SAREBSAREB Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria, a company created in 2012 to manage and sell assets from banks in crisis.

Automatic summary, not yet reviewed

1. The bill would remove the limits on the State's stake in SAREB and allow the FROBFROB Fondo de Reestructuración Ordenada Bancaria, the public body that manages the restructuring and resolution of banks. to acquire a stake of 50% or more in order to take control of the company.
2. It would keep SAREB under private law even if the FROB holds a majority, so it would not become a state-owned commercial company. Its contracting rules would be adapted, and it would have at most 3 months to adjust after public control is taken.
3. It would have the FROB's reduced-composition Ruling Commission decide on its portfolio of holdings, shares and other instruments, keeping supervisors out of those decisions. Companies in the portfolio would not be considered state-owned commercial companies.
4. It would allow SAREB to transfer properties to public bodies or nonprofits for social housing or other high social value policies, weighing social usefulness within its value maximization goal. Notarial and registry steps for these transfers would carry no fees.
5. It would clarify the labor reform in Royal Decree-Lawroyal decree-law A rule with the force of law that the Government passes because it is urgent. It applies from its publication, but the Congreso must validate it within 30 days or it lapses. 32/2021: it corrects letter d) of Article 84.2 of the Workers' Statute and adds a safeguard for the replacement rate set each year in the State Budget for public sector staff.
6. It would provide that, during 2022, declarations of high tourist traffic zones use the 2017 to 2019 average instead of 2021 data, since 2021 figures do not yet reflect the tourism sector's usual situation.

Who it affects

• SAREB and the FROB: The FROB could take control of SAREB, which would change its contracting, oversight and asset transfer rules.
• Public sector employees and staff: The rules on their contracts and the applicable replacement rate would be clarified.
• Shops in tourist areas: They could keep or obtain the high tourist traffic zone declaration using 2017 to 2019 data.
• Public bodies and nonprofits: They could receive housing or properties transferred by SAREB for social housing.

Words worth knowing

SAREB

Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria, a company created in 2012 to manage and sell assets from banks in crisis.

FROB

Fondo de Reestructuración Ordenada Bancaria, the public body that manages the restructuring and resolution of banks.

Real decreto-ley

Royal decree-law: a rule with the force of law that the Government can pass urgently, though Congress must later approve it.

Tasa de reposición

Replacement rate: the yearly limit set in the Budget on how many public sector positions can be filled.

Zona de gran afluencia turística

High tourist traffic zone: an area that, due to many visitors, may have more flexible store opening hours.

royal decree-law

A rule with the force of law that the Government passes because it is urgent. It applies from its publication, but the Congreso must validate it within 30 days or it lapses.

decree-law

A rule with the force of law that the Government passes because it is urgent. It applies from its publication, but the Congreso must validate it within 30 days or it lapses.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries