Regulatory Alerts2023-06-05
Added · Updated
Circular Letter No. CC/2023/00000021
Credit institutions must implement policies and procedures for managing real estate acquired through loan repayment, including annual on-site valuations for assets over 300,000 euros and specific valuation criteria. Institutions are required to alienate these assets within two years, adopting a reduction plan with calendarized targets for those retained beyond this period, utilizing measures such as disposals, impairments, or deductions from core Tier 1 capital. The circular updates accounting treatment expectations, prioritizing IFRS 5, and replaces previous circulars from 2009 and 2011.
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