Sabadell figure maximum impact of clauses ground at 490 million euros – Investing.com Spain

MADRID (Reuters) – Banco Sabadell (MC:) finally he said Monday that the maximum impact that could have on its balance sheet, the recent judgment of european so-called “clauses” soil will be a maximum of 490 million euros, while other entities such as Caixabank (MC:), and Popular upward the level of provisions against potential claims.

“The maximum impact estimated on the assumption that there is such a situation and considering the retroactivity total (clauses ground), it would be 490 million, an amount that also would be reduced according to the concrete terms of the sentence and its form of execution,” said the Catalan bank in a statement to the supervisor on the stock market.

Sabadell, which defends that their mortgages were constituted in a transparent manner, it added that the provisions made with a charge to 2016 would be sufficient to absorb any write-downs of assets, as well as the result of “any contingency open”.

releases are separated, Caixabank said that the provisions on the occasion of the judgment will be expanded to 110 million over the 515 million gifted in the accounts of the first half, while Popular see an additional amount of “approximately” 229 billion.

In the meantime, BBVA (MC:) and Bankia (MC:) said also on Monday that they do not expect additional impacts upon what has already been provisioned to cover up the effects of the judgment of europe.

These communications occur after that last Friday the Government approved the framework for the institutions to achieve in a period of three months-of-court settlements with the clients that clearly explained this type of limitation to the fall of the interest rates on their mortgages.

With this, the aim is that customers with this type of mortgage to agree to some sort of compensation with their banks free of charge, while at the same time a wave of complaints.

The mortgage loans affected limited to a fixed minimum differential of the mortgage payments, which meant that the customers do not benefit when interest rates fell below this “floor.”

The Bank of Spain has estimated that the ruling in europe could lead to Spanish banks to have to return another 4,000 million euros.

The sector fell on the block at the opening session of the Spanish stock exchange. At 0954 hours, the banks of the yielded in a range between 1.01 percent and 1.61 percent.

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