The First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, has assured that the banks have "margin to put their shoulders to the wheel" and has given them this week to reach an agreement that alleviates the rise in mortgages for the lower and middle classes .
The Ministry of Economic Affairs is negotiating with the association of banks AEB and the association of former savings banks CECA an extension of the 2012 Code of Good Practices or some other additional formula aimed at facilitating the change from variable to fixed mortgages, extending the period payment or grace periods. The government's goal is to approve the measure before the end of the month.
In the press conference after the Council of Ministers, Calviño alluded to the "announcements of billions from the main banking groups" before assuring that these corporations have "margin to lend a hand and alleviate the situation of the families affected by interest rate hikes".
The minister has assured that the meetings to reach an agreement are "daily" and that the Government has put until "the end of the week" to seal it, with the aim that it can be transferred to the Council of Ministers and enter into force on the 1st of January. The code of good practices in force was also processed in this way, despite consisting of principles to which banks adhere voluntarily.
The objective, Calviño has indicated, is "to give relief to Spanish families" that allows "containing inflation" and "establishing a fair distribution of the cost of the war". The Euribor is around 2.8%, well above the 0.9% in July, and the forecast is that it will continue to climb as interest rates rise.
The request to pitch in comes while the new tax on banks and large energy companies is being processed in Congress. The bill has already passed the amendment process and the forecast is that it will be taken to plenary session on November 24.
Bank taxes are the main point of conflict between the Government and the sector, which is studying the challenge of the periodic settlements that are issued. The ECB has criticized the chosen formula and warned that the banks will be able to transfer it to the final consumer.
If an agreement is reached with the bank, it will be the third this year, after the one related to the financial inclusion of the elderly and rural areas. The banks are open to measures to lighten the financial burden of their clients, but they consider that the measures should be temporary and aimed at the specific liquidity problems of families that are going through complicated situations.
