SAREB is an acronym for La Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, which translates into English as the Asset Management Company for Bank Restructurings. This organization is similar to the Resolution Trust Corporation formed in the United States in the 1980’s to deal with the fallout from the Savings and Loan crisis.
Translated from Spanish Wikipedia:
The Asset Management Company for Bank Restructurings or SAREB is the bad bank set up in Spain on November 19, 2012.
On August 31, 2012 the Spanish government approved a Royal Decree creating a bad bank to remove toxic assets from bank balance sheets. SAREB’s job is to exchange government bonds for the bad assets to clean up the Spanish banking system and resuscitate the housing market.
Qualified assets are foreclosed collateral received related to property financing or construction that were included in balance sheets prior to June 30, 2012 with a net book value exceeding €100k.