UPDATE 1-Mortgage litigation claims could hit Spanish bank results - Bank of Spain [Reuters (UK)]
CAIXABANK SA UNSP/ADR (CAIXY)
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Source: Reuters
Mortgage litigation claims could hit Spanish bank results: Bank of Spain - Reuters 4 Min Read MADRID (Reuters) - Spanish banks could see a rise in legal claims related to an historic method for pricing mortgages that could have a big impact on their profits, the Bank of Spain said on Tuesday. Spain’s mortgage rate index (IRPH) was an alternative to Euribor used for pricing floating-rate mortgages, and was based on the mean of mortgage yields sold by banks. It was scrapped by the government in 2013, following criticism it did not allow customers to benefit sufficiently from lower interest rates. Spain’s Supreme Court ruled in 2017 the index did not constitute an abuse of the market and that its use in contracts was transparent as the IRPH was an official measure approved and published by the Bank of Spain. However, customers and lower courts have challenged this decision at the European Court of Justice (ECJ). On Tuesday, the Bank of Spain said a final decision by the ECJ was expected
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