MADRID, Reuters – Spain’s State Rescue Fund FROB increased its stake at the “bad bank” Sareb by more than half in accordance with a European Union directive to include its public debt in its liabilities.

On Tuesday, FROB announced that it purchased a 4.24% share in Sareb to increase its holdings to 50.14%. Sareb was established in 2012 in order to accept bad loans following the financial crisis. However, multiple sources who are familiar with the situation said that it was symbolic and no price was being given.

After the EU Order was implemented, the Government approved a framework that allows FROB to exceed the 50% threshold.

FROB did not say what banks sold their stakes, but a source from Sareb stated that smaller shareholders, like Bankinter, had offered their stakes. Bankinter declined comment.

Santander (MCI:) continues to be the largest private shareholder at 22.2%, closely followed by Caixabank (12.2%).

Many Spanish banks plan to sell stakes in Sareb. Although the bank’s performance has suffered since its inception, due to a drop in property prices, Sareb has had a difficult time. But, most Spanish banks retained their assets for tax purposes.

Sareb is still holding 33.7 million euros of senior debt after selling 17.1 Billion Euros of all issued debt.