The nine subjects to which the old savings banks have been reduced have adhered to the agreement between the Government and the banks to facilitate the payment of the loan to subjects in difficulty.
Of all these entities, the largest by far is CaixaBank, the result of the merger with Bankia, which was in fact the first to support the agreement. There is also Unicaja, merged with Liberbank and recently included in Ibex.
The other former banks that have recently joined the agreement are Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent and Colonya Pollença, according to the association that brings them together, the Mint.
The old savings banks have just confirmed their adherence to the council called by the Mint, with which the success of the pact between the banks and the Government is guaranteed. Mint entities handle 46% of mortgages in Spain.
The 2012 agreement to amend and extend the codes of good conduct allows nearly one million households to extend terms, benefit from deficiencies and freeze installments if their variable mortgages reach a certain threshold compared to their income following increases in ‘Euribor.
The Government believes that the provision will make it possible to cope with the foreseeable increases in mortgages after the first rate hikes by the ECB in eleven years, which have been repeated in recent months to the point of keeping the reference rates at 2.5%. The intraday Euribor already exceeds 3%.
The Czech highlights the collaboration of the banking sector with the Government to provide support to customers who have difficulty paying their mortgage payments.
The new aid scheme, we recall, will last for two years. After its approval in Congress through a royal decree-law, it will take effect on January 1st.
As the agreement is voluntary, banks must join individually. Santander, BBVA, Sabadell and Bankinter have already done so, so the measures will go ahead without disagreements between the entities.
