Distressed investors and their lawyers were still digesting the impact of Royal Decree Law 18/2002 (RDL 18/2002), dated May 11, on the restructuring and transfer of real estate assets from financial entities, when a draft of the July 2012 Memorandum of Understanding (MoU) agreed at EU Council level on financial-sector policy conditionality was disclosed some days ago. There is now an agreed MoU dated July 20 which sets up a broad variety of specific measures to reinforce financial stability in Spain in the context of the recapitalisation of the Spanish banking sector.
August 28 2012