These regulations contain two provisions clarifying the regime applicable to SAREB (Company Managing the Assets derived from the Banking Restructuring) in its capacity as creditor in insolvency proceedings. Act 26/2013 amends Additional Provision 4 of the Insolvency Act concerning court approval of refinancing agreements, clarifying that loans and credits owned or transferred by SAREB will count when calculating the quorum required for court approval of refinancing agreements (following the latest amendments to the Insolvency Act, creditors representing at least 55% of the debtor’s financial liabilities must accept the refinancing agreement).

Also, under Final Provision 4 of Royal Decree Law 14/2013, anyone acquiring SAREB credits under any title will not be classed as subordinate within the framework of the debtor’s potential insolvency, unless any of the grounds for subordination provided in section 92.5 of the Insolvency Act can be attributed to the acquirer (when the acquirer is specially related to the debtor), in which case the credits will be classified under the general rules provided in the Insolvency Act.