The Government speeds up the terms for the pact of the vulnerable mortgaged in full rise of the Euribor
The forecast of historical figures for this month of November of the Euribor, makes that the Government accelerates its plans to close an agreement with the bank to take measures to alleviate the situation of vulnerable mortgage debtors. This has been confirmed by the first vice-president and Minister of Economic Affairs and Digital Transformation, Nadia Calviñoat the press conference after the Council of Ministers.
Calviño has asserted that his department has daily meetings with the banking associations. “I hope that as soon as possible we reach an agreement. We have given them this week to be able to close an agreement. We want these measures to be adopted as soon as possible and to be in force on January 1,” he stated. To achieve this, sources close to the Executive explained to Efe, it is important that the measures be agreed upon as soon as possible, “if possible this week with the aim of approving in the Council of Ministers next Tuesday”, November 22th.
However, the main stumbling block continues to be defining what type of families can opt for them and that the bank insists that they have to be “temporary” solutions, to solve a temporary problem, derived from the rise in interest rates and inflation”.
Likewise, it has indicated that work is being done in two ways, on the one hand, to expand and improve the operation of the Code of Good Practices for debt refinancing, which already exists, and whose objective is families “most vulnerable” and, secondly, to establish an additional protocol to support middle-class families that may be at risk of vulnerability due to the “accelerated” rise in interest rates.
Pact for the vulnerable mortgaged
Regarding the impact that these measures could have on the banks’ income statements, Calviño made reference to “the billions of euros in profits” that the main banking groups have announced in recent weeks. Calviño has reiterated himself like this in the statements he made last week on RNEwhen it already included the middle classes as one of the groups to take into account in the new protocol that is being negotiated between the Economy and the representatives of the Spanish banks.
At that time, the first vice president also urged to go “further” in the measures that the sector had proposed until then, such as the extension of the deadline for up to five years of contracted variable mortgages by vulnerable families that have become more than 30% more expensive due to the rise in the Euribor.
The first vice president considered last Thursday that this initiative is “a good starting point”, but she called for more measures to “flatten the interest rate curve”such as reaching a “more affordable” quota for families or that there is no increase in financial costs due to the lengthening of terms.
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