Banking crises and the solutions to get out of them have repercussions that carry over time. It was very difficult for the authorities of our country at that time (2008-2012) to recognize the enormous magnitude of the insolvency problems that existed in a good handful of entities, very exposed to the real estate market that collapsed in those years. Finally, financial reform was undertaken in 2012. It made it possible to leave behind, even more quickly than expected, with considerable effort, the worst of the banking crisis. The constitution of Sareb was, without a doubt, one of the fundamental axes and, therefore, it was reflected in the Memorandum of Understanding (MoU) that the Spanish Government signed in order to receive financial aid.
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