A very few days ago we had the opportunity to study the bad moment for which the real estate funds are happening. Real estate Banif is the clearest representative of the crisis for which there is happening this type of funds that have to fight every day against his whole lacking in liquidity to face to the requests of refund that literally they are raining.
The average profitability to a year of this type of funds has fallen down in 0,11 %. In January they have done it in 0,77 %, and one of the worst has been this Santander Banif Inmobiliario, which hurried up also by the reappraisement that his assets are suffering, has seen his patrimony falling down in 3,42 % only in January.
Yesterday, Santander requested the National Commission of the Stock market that the refund of his investment fund was suspended for two years on not having been able to face 2.617 million euros that his participants have asked to reimburse in the last days, an equivalent to 80 % of the patrimony of the fund.
In case of Banif Inmobiliario, in February the term was opened to request refunds. Nevertheless, this quantity went off when in January Santander announced an extraordinary appraisal of the assets of the fund motivated by the real estate crisis. That has scared his participants who have seen like the real value of the same one he is going to turn out to be seriously affected.
Nevertheless, similar requests avalanche is impossible to confront for Banif, and that's why he has proposed a system to be returning the requested quantities.
Real Santander you Be the money will go devoliviendo as it is selling his real estate positions. It is foreseen that between March 9 and May 5, one delivers him to every participant 10 % of his investment, maximum percentage of indebtedness of the funds as the legislation. This indebtedness ratio will be exempted gradually with the sale of assets and securing of revenues in rent, and this way, whenever something of liquidity is obtained he will be returning himself quantities but always inside that one 10 % of authorized indebtedness.
If spent two years, he has not returned himself all the shares, then the fund will close, or, if once returned, the patrimony of the fund was lower than the minimum established by the current regulation.
Although the term had already closed to request refunds, and in order to not harm that one 20 % that still has not requested it, the term has extended until February 27.
Also, Santander and Banif has proposed to finance those participants in conditions of markets and whenever, after analyzing the risk, it is considered to be prudent.
This is one of the most controversial points, and the fact is that, bearing in mind that Banif Inmobiliario has left 50.000 thifty persons with 3.200 million euros caught in the fund, without knowing when they will be able to recover them, offer them like solution the authorization of a loan, also to market interest it seems, when less, derisory. And the fact is that it seems when less excessive that an investor has to pay interests in a money that he the same préstó to the entity time behind and that now it cannot rescue for the absence of liquidity of the proper Banif.
Again one more stone in the difficult situation through that the financial institutions and the bank sector are living now in general and that undoubtedly, the confidence of the investors is going to ballast.
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This is legal, it is possible, I am surprised of the little that we know and the risk that we have of losing all our money, we are a few ignoramuses and the banks a few liars, believe that someone of the government should indicate that debemso about extracting all our money of the banks and about spending it since at least we would enjoy it while it lasted.
Comment for jose18-02-2009 12:25