Sabadell reduces its exposure to IRPH by 80 million since June
The Sabadell Bank reduced its exposure to 80 million euros benchmark for mortgage loans (IRPH) in six months, as reported Friday at National Securities Market Commission (CNMV).
Regarding the outstanding balance of the mortgage loans to consumers indexed to IRPH amounted to 751 million euros at the end of the 2019 financial year, compared to the 831 million declared in June, which represents a 9.6% cut in the semester.
The Spanish bank started several years ago a commitment to fixed rate mortgages, which represent 41% of the stock and 70% of the new entries, according to the results of the closing of the year 2019.
Agreements with clients
In addition, the bank tries to reach agreements with customers that have mortgages linked to the controversial index, which has resulted in a continuous decrease in their exposure to IRPH.
The Court of Justice of the European Union (CJEU) will release on March 3 the final ruling on the litigation that has surrounded in recent years to mortgages linked to IRPH, after the 38th Court of Barcelona, departing from the Supreme Court criteria, raise to Europe the question of whether or not the index is subject to transparency control when contracting with consumers.
Banco Sabadell reiterates in its financial report its position on the issue and considers that the criteria established by the Supreme Court "That's the right one".
On the other hand, the bank indicates that if the TJUE If it fails in the opposite direction, the impact would depend on multiple factors such as the interest rate that would be applicable, if it recognizes some degree of retroactivity and the conditions that the hypothetical lack of transparency would require.
Banco Sabadell has been awarded the bank services for the current account management of the Independent Authority for Fiscal Responsibility (AIReF) for an amount of 24,000 euros.
According to an announcement published by the Ministry of Finance in the Official State Gazette (BOE) This Friday, the entity chaired by Josep Oliu has been the winner after presenting the most advantageous offer.
The value of the selected offer, which was awarded on January 28, is 24,000 euros, about 1,000 euros less than the highest cost offer submitted. The award has been made through the simplified open procedure and the tender is for the bank services of current account management of the Tax authority.