The banks join the mortgage agreement after resolving their reluctance

The large Spanish banks have expressed their willingness to adhere to the new agreement on mortgages between the Government and employers, aimed at facilitating the payment of installments to clients affected by the rises in the Euribor.

Thomas Osborne
Thomas Osborne
23 November 2022 Wednesday 06:42
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The banks join the mortgage agreement after resolving their reluctance

The large Spanish banks have expressed their willingness to adhere to the new agreement on mortgages between the Government and employers, aimed at facilitating the payment of installments to clients affected by the rises in the Euribor. The Government calculates that it will cover a million families by including extensions of terms, deficiencies and facilities to go from variable to fixed rate.

"We can already announce the willingness of the main entities of the AEB to adhere to the agreement that has already been officially published this morning," said the president of the banking association, Alejandra Kindelán, at a financial meeting organized by Deloitte and ABC. "It is very good news, it is a very important agreement for the sector, which shows its commitment to people," she added.

The AEB represents the interests of entities with Santander, BBVA, Sabadell and Bankinter. CECA has also participated in the negotiations and its main associate, CaixaBank, has shown its intention to sign up to the agreement, according to the Minister of Economic Affairs, Nadia Calviño, assured yesterday.

Kindelán explained that the agreement comes after "intense days of collaboration and negotiation." One of the points that most worried the banks has been resolved, which was the effect of the measures on their balance sheets. "The supervision and regularization framework has always been taken into account to ensure the mortgage market," he said.

The royal decree-law with the agreement has been published today in the BOE for its validation in December in Congress and its entry into force on January 1. During this time, the governing bodies of the different entities must specifically agree to adhere to the code.

Sources from the Ministry of Economic Affairs assure that another of the key points has also been resolved, consisting of the classification of the beneficiaries in the category of doubtful loans, which would make it difficult for them to sign future credits. Finally it will not be like that, according to sources.