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Bad banks: the urban implications of asset management companies

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  • Michael Byrne

Abstract

Asset management companies (AMCs), such as Ireland's National Asset Management Agency and Spain's Socieded de Gestión de Activos Procedentes de la Reestructuración Bancaria (Management Company for Assets Arising from Bank Reorganisation, SAREB), are important policy responses to financial crises involving the acquisition and management of toxic debt. Given their massive real estate portfolios, AMCs have decisive urban impacts. And yet, there is almost no literature on their urban dimension. This article responds to this gap by providing an overview of AMCs as a response to financial and real estate crises and by analysing their urban dimensions. While AMCs are designed to save banks, they impact on cities because of the increasing integration of finance and real estate. Moreover, AMCs deepen the integration of real estate and global capital. Finally, because they are a form of state intervention, AMCs may serve to politicize the tension between the use value of real estate and its exchange value.

Suggested Citation

  • Michael Byrne, 2015. "Bad banks: the urban implications of asset management companies," Urban Research & Practice, Taylor & Francis Journals, vol. 8(2), pages 255-266, July.
    • Handle: RePEc:taf:rurpxx:v:8:y:2015:i:2:p:255-266
    DOI: 10.1080/17535069.2015.1050208
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    Cited by:

    1. Jordi G. Guzmán, 2023. "THE HOUSING/FINANCIAL COMPLEX IN SPAIN: After the 2008 Global Financial Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 47(6), pages 900-916, November.
    2. Melissa García-Lamarca, 2017. "From Occupying Plazas to Recuperating Housing: Insurgent Practices in Spain," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(1), pages 37-53, January.
    3. Lubos Komarek & Petr Polak, 2021. "A network of national AMCs - part of the solution to the legacy of the financial crisis and the coronavirus crisis?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - January 2021, pages 13-18, Czech National Bank.
    4. Michael Byrne & Michelle Norris, 2022. "Housing market financialization, neoliberalism and everyday retrenchment of social housing," Environment and Planning A, , vol. 54(1), pages 182-198, February.

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