argia.eus
INPRIMATU
Mortgage taxes
Banks govern
  • Despite the decision taken by the Supreme Court on 5 November on mortgage tax, we have already seen that banks, i.e. capital, are governed in the Spanish State.
Juan Mari Arregi 2018ko urriaren 23a
Carlos Lesmes Espainiako Auzitegi Goreneko presidentea urte judizialaren hasiera ekitaldian. Berak jarri zuen Luis Mari Diez-Picazo magistratua administrazioarekiko auzien salako buru. Honek "arrazoi ekonomikoak" argudiatuz eten du hipoteka zergen epaia, bankuen boterea eta Espainiar Justiziaren ziurgabetasuna agerian utziaz. (Arg.: Espainiako Defentsa Ministerioa)

The Supreme dictated that banks, not customers, should pay the tax that is imposed when writing a mortgage before a notary. The judgment led to sharp falls in the banks on the stock exchange, according to the same source. However, in 24 hours they were quoting back up… The reason? The President of the Chamber called for a plenary session to review the Supreme's own judgment, saying that the judgment would have major economic consequences for banks, which is stock market collapse.

The Supreme Court therefore resolves a judgment that is detrimental to banks, that reacts and succeeds in paralysing the judgment and urging a full jury to return it to a better situation for them but more detrimental to customers. The stock exchange reacts with joy and the shares of the banks rise again. The Supreme has convened a new plenary session on 5 November, which will decide whether banks or customers should pay this tax unduly.

It does not matter what they decide on 5 November. Banks have demonstrated their power. They will not lose anything from the mortgage tax, one way or another the customer will have to take care of it. If the banks are charged the tax, they will have no retroactive effect and will cause the customer to pay it with fees and other similar measures. Banks, capital, always win, because they are able to impose their criteria on the jury and on governments. Paralysed by the judgment of the Supreme Court, we have seen its power, which is the one that governs.