Calviño transfers to the ECB the work with the bank to find support measures for mortgage debtors

The First Vice-President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, today conveyed to the President of the European Central Bank, Christine Lagarde, the joint work between her ministry and Spanish financial institutions to find support measures for vulnerable mortgage debtors before the rise in interest rates.

This was told to media in Frankfurt after meeting European Central Bank (ECB) President Christine Lagarde and participating in a panel discussion to address the loss of the new language economy at that city’s Book Fair.

Calviño also positively appreciated the “commitment and involvement” shown by the entities in finding solutions and putting on the table a catalog of measures that allow “minimizing the negative impact” and “alleviating” the situation. and the finances of Spanish families in the context of a “rapid hike” in interest rates by the ECB.

“I welcome all the proposals, the teams are currently in Madrid analyzing them and working intensely so that we can see as soon as possible which can be the most effective,” added Calviño.


The latest proposal that the financial sector has presented to Economy to support families struggling to meet mortgage payments is to extend the term of variable mortgages taken out by vulnerable families which have become significantly more expensive due to the rise in Euribor.

According to a draft royal decree approving this temporary protocol for extending deadlines for mortgage debtors affected by the rise in rates in the current inflationary context, to which Europa Press has had access, the protocol will be in force for 12 months from the date of publication in the Official State Gazette (BOE) of the Royal Decree-Law and will be the voluntary adherence of credit institutions, which must inform the Bank of Spain of the operations that they formalize under it.

The maximum duration of extension of the mortgage loan will be five years, provided that the duration of repayment of the loan does not exceed 40 years from its granting (in this case the maximum duration will be that which determines a total duration not exceeding not 40 years) and that the quota resulting from the novation is not lower than the last existing before the revision of the type.

Once the bank and the client have agreed on the extension of the amortization period, the outstanding principal of the loan will be amortized by means of the new periodic installments and will continue to accrue the corresponding interest in accordance with the clauses initially agreed. . By extending the term, the amount of regular mortgage payments that would result from the increase in the interest rate will be reduced.

To benefit from the measure, debtors must meet a series of requirements, such as that their mortgage has become more expensive by 30% after the rate update, that the family income does not exceed three times the Public Indicator of Income with Multiple Effects (Iprem) annually in 14 installments (i.e. 24,318 euros per year) and that, after revision of the rates, the mortgage payment exceeds 40% of the net income of the family unit.

Once a customer requests a change in the terms of their mortgage under the new protocol, entities will have 45 days to respond.

Although the employers of the financial sector (AEB and CECA) have not commented on this proposal, the CEO of Bankinter, María Dolores Dancausa, underlined this Thursday, during the presentation of the bank’s results, that it is “a principle of agreement which is not completely closed” and which will be framed in the Code of good practice that the Ministry of Economic Affairs has assured that it wants to strengthen as quickly as possible.


On the other hand, Calviño indicated that he had discussed with the ECB teams the temporary tax on banks that the government has proposed for 2023 and 2024. He indicated that the central bank is currently analyzing what aspects to take into account . when establishing this type of levy in relation to financial supervision and stability.

“These are all issues that, of course, we have thoroughly analyzed by the government before presenting the tax proposal and I am convinced that the parliamentary process will move forward quickly,” he stressed.

The tax proposed by the government supposes a temporary surcharge of 4.8% on the interest margin and on the net commissions obtained by entities whose income exceeds 800 million euros in 2022 and 2023, with the aim of raise a total amount of 3,000 million euros.

As for her meeting with Lagarde, the first vice-president said it was a “constructive” meeting, although she indicated that they met “very frequently”. They exchanged their views on the economic situation and current challenges, like yesterday in the presence of King Felipe VI.

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