Caixabank, the first to adhere to the mortgage agreement with the Government


CaixaBank He has clearly said that he is going to subscribe”. This was announced by the First Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calvino, hours after showing their confidence that all financial institutions apply and join the measures to alleviate the mortgage burden on the most vulnerable and middle-class families. It is not the only entity that has it on the table. The big Spanish bank has expressed its intention to join the pact that the Government and the sector finalized yesterday until almost midnight to minimize the impact of the rise in the Euribor and alleviate the mortgaged.

In the press conference after the Council of Ministers, Calviño clarified that “the work we have done with financial institutions has been very constructive” and explained that “these are two codes of good practice that will have to be signed or confirmed by the entities“. For this the Government gives itself the one month term to be signed “with the aim that the new measures enter into force in January 2023”.

Calviño advances that there is already “clear statements of intent by any entity and CaixaBank has clearly said that it is going to sign the new code subject to the agreement of the decision-making bodies of the entity itself”. In this line, the Minister of Economy insists that “it depends on the financial entities and I hope that they all do so”. And it seems that they will do so. Minutes before In these statements, the CEO of CaixaBank, Gonzalo Gortázar, left on the table that the agreement is being studied, and has made it clear that the sector -and the bank itself- are in a good position to help the most disadvantaged consumers, which is what what are they going to do


He did it at the XXIX Meeting of the Financial Sector organized by Deloitte, ABC and Sociedad de Tasación where the CEO of the Banco Santander, Jose Antonio Alvarezhas stated the intention of the entity is to adhere to the agreement if it goes ahead and “work so that the mortgage market is healthy and solid”, although it has clarified that they are still pending “the discussions are over”.

From his point of view, the entities are carrying out a foresight exercise before a scenario “that can come”, although “right now the percentage of mortgagees that have had an increase in the price of their mortgages is really still very low”. On the possible impact that these measures would have for Santander, Álvarez has indicated that they will be seen if, if necessary, they adhere to and sign the agreement, once a series of technical aspects are resolved.


The CEO of BBVA, Onur Genç, has assured today that the entity is “in a good position” to face the current macroeconomic environment and has made it clear that it will continue to help its clients and society in general, as it did during the pandemic.


The CEO of Unicaja Banco, Manuel Menéndez Menéndez, has assured that the entity will comply with the measures approved by legislators to help families with difficulties to pay their mortgage and has stressed that the objective of the banking sector is for its clients to get ahead “in the best possible way”.

The banking associations AEB, CECA and Unacc will now form part of the Control Commission that will will monitor compliance by the banks of the measures of mortgage relief included in the new Code of Good Practices (CBP) that the Council of Ministers approved this Tuesday. Thus far, 2012 CBP compliance was supervised by a control commission made up of 11 members, including a representative of the Ministry of Economic Affairs who acts as president and one from the Bank of Spain as secretary.

covenant requirements

This Tuesday the Government has approved a package of measures to ease the mortgage burden to more than a million vulnerable households or at risk of vulnerability due to the increase in the Euribor, “preserving financial stability”. Specifically, action is taken in three ways: the treatment of vulnerable families is improved, a new framework of temporary action is opened for families at risk of vulnerability, and improvements are adopted to facilitate early repayment of loans and the conversion of mortgages. at a fixed rate. Currently there 3.7 million mortgages referenced to the Euribor and the Executive chooses to expand the catalog of measures that households can access so that families can have more options to reduce their mortgage burden “effectively”, being able to choose the measure that best suits their needs and financial situation .


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