Definition
The FROB is a public law entity with its own legal personality and full public and private capacity to achieve its objectives, which aims to manage the processes of credit institutions and/or investment service companies in their executive phase.
Further information
The role of the FROB has evolved from its origins to the new scenario of the Banking Union under which it has been operating since 2015. Initially, it started as a ‘fund’ in the strict sense, supported by resources from the Deposit Guarantee Fund (FGD) and public money to support certain integration processes of former savings banks. Currently, within the resolution framework defined by Law 11/2015 and EU Regulation 806/2014, the FROB is the Spanish Resolution Authority in the executive phase, financed exclusively by private contributions from entities and integrated into the European network of authorities led from Brussels by the Single Resolution Board (SRB).
In the field of National Accounting, it is classified in the General Government sector.
Related concepts
References
- Briefing note on the revision of general government debt according to the Excessive Deficit Procedure (EDP). Sareb reclassification in the general government sector.
- Eurostat’s recommendation on the reclassification of Sareb (16/2/2021).
Legal frame
- Real Decreto-ley 1/2022 […] en relación con el régimen jurídico de la Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria.
- Real Decreto 1559/2012, de 15 de noviembre, por el que se establece el régimen jurídico de las sociedades de gestión de activos.
Update date: January 2025
