According to an envelope received in the offices of ERVA, Nordea Bank S.A. gave out 75 million Euros worth of mortgage loans in Spain.
It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.
ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008, totalling 9 million Euros.
However, the Spanish Land registry tells us that there are far more, many more…
As an ERVA member put it: “My, my, haven’t they been busy…!!”
I have just made a comment on the “Spanish Land Registry” post. Just wondering if Erva will ask their lawyers to search the site to obtain the names and addresses of other victims. It may be that there are a number of people out there who are not aware of the court actions being taken against Nordea.