Bad bank’s no to toxic deals

Belen Romana.

EMPLOYEES of Sareb, Spain’s bad bank, may not buy or rent its toxic properties. The veto extends to their relatives in a stringent code of conduct imposed on all staff.

Guidelines have been created to allow the bank to carry out “the task it has been assigned in a satisfactory manner under the watchful gaze of the authorities and society in general,” declared a Sareb communiqué. 

The code, which came into force on May 20, includes a series of obligations for employees of the bank headed by Belen Romana.

Each person must make a yearly declaration, with failure to do so resulting in disciplinary action.  Conflicts of interest must be scrupulously avoided. If they arise employees will have to communicate the possibility in writing and abstain from involvement in decisions that could affect them.  

Employees in senior positions will have to keep Sareb informed regarding the people belonging to their close circle as well as those with whom they share financial interests.

Gifts and presents are strictly banned in Sareb’s determination to safeguard its objectivity and “absolute impartiality,” the communiqué announced.

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