The PP is erased from the mortgage ‘crisis’ in the midst of a debate between the Government and the bank


“We are against any intervention in banking. We reject all proposals that go in that line“. These two sentences summarize the opinion of the Popular Party (PP) on the current ‘crisis’ that thousands of families in Spain are experiencing with the rise in variable-rate mortgage payments in recent months. For now, the deputy secretary of Economy of the PP, Juan Bravo, has not agreed with his team on proposals that alleviate this new burden.Thus, the same sources maintain that “we have not yet met to discuss this matter“.

A scenario that occurs in full negotiations between the Government and the bank to limit mortgages. In recent days, financial entities have been presenting their results during the third quarter. There, Banco Sabadell and Banco Santander have respectively requested that the measures that can be agreed be “temporary” and that, beyond the vulnerable, it is the entities that seek individual solutions for their clients, whether they are individuals or companies.

From the PP They maintain that the formula of intervening is not good because then it is not easy to put an end to said measures. That is, they only lead to a dead end. In addition, they recall past episodes -and not very fruitful- during the government of ex-president Mariano Rajoy, when in the CNMV it was proposed to suspend short (bearish) operations starting with a closed term and compensating for possible abuses by increasing the supervision of those operations.

Since the Galician leader, Alberto Nuñez Feijóo, took control of the ‘baton of command’ in Genoa 13, his party had been characterized by marking the initiative to the Government. Thus, in April he presented a fiscal plan of just over 40 pages full of measures that launched the PP as an economic alternative to the Executive. On the other hand, the popular ones have focused their latest measures on reducing VAT on different products: from the super-reduced 4% for supermarket products to 10% for cars for special large families.

The silence of the main opposition party contrasts with the noise of the government partners, who remain firm in their proclamations. Since CKD They have asked that changes from variable to fixed rate be capped and extend the moratorium to the middle class. Instead, from Bildu They go further and demand capping the variable rate quotas at 0.5%.

This Thursday the European Central Bank (ECB) raised interest rates by 75 basis points, reaching 2%. In addition, the president of the bank, Christine Lagarde, assured that “there will be more rate hikes in the future.” On the other hand, the French banker acknowledged that despite the progress made in normalizing monetary policy with the three consecutive rate hikes adopted, “there is still a long way to go.”

Until now, the bank and the Government have only agreed on a proposal, which is included in the draft. This is the modification of the royal decree of the Code of Good Practices with which refinancing is offered to vulnerable people (with joint annual income of 24,318.84 euros) if their interest rate rises at least 30% due to the rise in the Euribor.


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