By Jesus Aguado
MADRID (Reuters) – The Spanish Government on Friday announced the approval of the awaited royal decree-law on clauses on ground, which gives the banks three months to reach extrajudicial agreements with clients that clearly explained this type of limitation to the fall of the interest rates on their mortgages.
The Royal Decree aims to enable customers with this type of mortgage to agree to some sort of compensation with their banks free of charge. Also seeks to prevent a wave of complaints against the entities.
The mortgage loans affected, although with a variable rate, limited to a fixed minimum differential of the mortgage payments, which meant that the customers do not benefit when rates fell below this “floor.”
In December, the European Court of Justice said Spanish banks should be returned to the customers as unduly charged, according to the Bank of Spain, could amount to a total of 4,000 million euros. This overturned a decision of the Supreme Court, which had been limited until may 2013 returns.
The banks must now connect with their customers and offer them a settlement, to which they have a month. The customer has 15 days to accept the agreement.
If you do not reach an agreement in three months, consumers can file a lawsuit.
“there Are a series of concrete actions for the banks, creation of a specific department, advertising in the different branches, advertising on the web page, to ensure that all consumers know perfectly well that there is this alternative out of court”, said the minister of Economy, Luis de Guindos.
The consumers association Adicae bore hard against the legislation, calling it ambiguous and misleading.
“The misleading announcement published that entities should communicate to all families with clause ground the situation is wrong”, explained the association.
“The banks have no further obligation to put in place a grievance procedure and an announcement on a bulletin board and on its website. Confused as well to the general public and those affected, that will not be informed via a letter or e-mail direct to”, he added.
the PAIN OF THE HEAD of LEGAL
About 1.5 million customers have mortgages with clauses soil, which could create a new headache legal for the Spanish banks and hit their finances.
BBVA (MC:), the second largest bank in Spain, said in December that the ruling of the ECJ lastraría their accounts from 2016 to 404 million euros.
The president of BBVA, Francisco González, said on Thursday in Davos that the bank would proceed in accordance with the new law, but he also said: “it Is important to look at the big picture and to preserve the legal security”.
A spokesman for BBVA said on Friday that the bank would expect the interpretation of the Supreme Court, which is scheduled for the next few weeks or months, before deciding how to proceed.
Banco Sabadell (MC:) has said that their mortgages are still valid since they were transparent. The analysts of Deutsche Bank (FROM:) have estimated that the bank could be faced with provisions for up to 490 million euros after the decision of the high court of europe.
Although the banks are expected to compensate consumers for the loss, many of them will try to avoid making a cash payment.
“The consumer and the entity may agree to compensatory measures other than the cash,” said Friday the minister of Economy, Luis de Guindos. For example, he mentioned that the bank may compensate the owner of the housing with a reduction in the mortgage payments in the future.
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