First advances in talks of the banks each other and the sector with the Ministry of Economy to respond to the impact of the dizzying rise in the Euribor on the mortgaged in situation vulnerable. CaixaBank has proposed to the rest of the entities freeze quotas of the credits of said group for 12 months, as confirmed by various financial sources to EL PERIÓDICO. According to this proposal, the amounts by which the quotas should have increased would be transferred to charge at end of life of the loan no need to extend the term of the same (since this would force to make a novation of the mortgage, with the consequent expenses for the entity and the client).
Other entities they do not reject apply the freeze proposed by CaixaBank, but they bet on include her within a range of measures possible (with others such as periods of lack in payment, reductions of the type, conversion to fixed rate either extensions term), as well as for applying them depending on the profile and the situation of each client after studying them case by case. Some banks had considered carrying out a sectoral moratorium of two years in the payment of the capital such as the one that stood up after the outbreak of the pandemic, but most discard by provisions that it would force them to do and why it is understood that it would be postpone the problemsince when the moratorium ended, the mortgaged could continue to have payment difficulties.
One of the crucial aspects of the negotiation is determine who are the potential beneficiaries of help. Since 2012 there is a Code of Good Practices to support vulnerable mortgagees, but in general it is only thinking of family units with a few income joint annuals of €24,318.84in which the mortgage payment has raised his weight on family income at least 1.5 timesand whose mortgage payment is greater than 50% of income net.
new requirements
These are requirements that they would leave out to many families that may now be affected by the rise in the Euribor, for which they are defining other criteria. In the sector, in this sense, it is in debate not only consider the rise in the mortgage payment and its weight on household disposable income, but also other basic expenses that have been triggered by inflation (such as the lightthe heatingthe Water or even the shopping basket), which also logically influence the payment capacity of the families.
The most widespread idea today is to approve the new scheme not as a reform of the Code of Good Practices of 2012, but as a exhibit to the same or as a new code or protocol that entities voluntarily agree to comply with. It is thus understood that the new measures respond to a temporary situation by the rise in inflation and interest rates, while the code approved in the previous crisis has long-term vocation since it tries to solve the problems of the mortgaged who are vulnerable whatever the general economic situation.
In the next weeks
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The banks, their employers and the economy are maintaining meetings and exchanging documents in recent days and plan to continue doing so. The positions within the sector are still disparatewith which the matter It’s open and can undergo many changes. What seems clear is that the government will press to reach an agreement in no time. Thus, the economic vice president, Nadia Calvinoalready pointed out last Friday, after the presentation of the plan to take the cash to the emptied Spain, that his department and the bank were going to continue working “In the next weeks” to solve the “growing financial burden of mortgage debtors” due to the change in the ECB’s monetary policy to stop the inflationary spiral.
Calviño confirmed that “in the first place” the negotiation is consisting of “to identify where can that be found vulnerable situation” in the current situation. The mechanisms available today, he stressed, were “designed in a very different context” of the current one, “which is very specifically characterized by the rapid rise in euribor and interest rates, which affect the ability to pay families that otherwise could not have other elements of vulnerability“. For this reason, he affirmed, Economy is working with the sector in a “set of elements that they can respond to extraordinary situation” caused by inflation. “I believe, and I have seen a very favorable disposition of the entities, that we do have to check that catalog of measures, and in your case see what improvements can be included to be able to cover this unforeseen situation,” he assured.