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


Ensure that the Government works with the financial sector to define the proposals

Nadia Calvio, First Vice-President and Minister of Economic Affairs, this Thursday in Frankfurt.Borja Sanchez-TrilloECE

The First Vice-President and Minister of Economic Affairs and Digital Transformation, Nadia Calviotoday transferred the President of the European Central Bank, Christine Lagardethe joint work between his ministry and Spanish financial entities to find support measures for mortgage debtors vulnerable to rising interest rates.

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

Calvio also rated positively “commitment and involvement” that the entities demonstrate to find solutions and put on the table a catalog of measures to “minimize the negative impact” and “alleviate” the situation and finances of Spanish families in a context of “rapid rise” in rates of interest. of 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 Calvio.


The latest proposal that the financial sector has presented to the 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 the Eurbor.

According to a draft royal decree approving this temporary protocol extension of deadlines for mortgage debtors affected by the rise in rates in the current inflationary environment, to which Europa Press has had access, the protocol will be in force for 12 months from the date of publication in the Official Gazette (BOE) of the Royal Decree-Law and it will be of voluntary adherence on the part of the credit entities, 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 not exceeding 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. . With the lengthening of the term, the amount of the periodic mortgage payments that would result from the increase in the interest rate will be reduced.

To benefit from the measure, debtors must respect a series of requirements, such as that your 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 the rate review, the mortgage payment exceeds 40% of the net income of the family unit.

Once a customer requests the modification of the conditions of their mortgage taking advantage of the new protocol, the entities will have a period of 45 days to give a response.

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, Calvio 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 assumes a temporary surcharge of 4.8% on the interest margin and on the net commissions obtained by entities whose turnover exceeds 800 million euros in 2022 and 2023, in the aim of raising a total amount of 3 billion 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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