The Royal Bank of Scotland said in a report today that the Spanish financial entity established to take over risky loans, but not RMBS, will begin operations on Nov. 19 under the name of Sareb.

Sareb will take on up to €90 billion ($117 million) in so-called "toxic assets", RBS said in the report. However, the purchases will exclude mortgages that form part of the collateral for securitization transactions, according to RBS.

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