The Spanish Government announces a decree specifying the mortgage tax on banks
- The President of the Government, Pedro Sánchez, has offered an extraordinary press conference following the Supreme Court’s decision that citizens pay the mortgage tax in the second round. Sanchez says he expects that the costs that banks will have to bear will not affect customers later.
Independent mediator
The decree, which will have no retroactive effect, must now be ratified by the Congress of Deputies. It has also announced the creation of an independent customer protection body, which will have to be approved by Congress. This body “will strengthen the protection of citizens from abuses and facilitate conflict resolution”.
Sánchez "expects and thinks" that the cost of paying the tax will not be charged by the banks in the clients. "The mortgage market is competitive and the supply is sufficient," said the Minister of Development. At the same time, it has called for responsibility from the financial sector.
Note to the Supreme
The president has also asked the Supreme Court for "self-criticism and reflection" on what has happened in the last two weeks. “The entire financial market and the vast majority of citizens have been waiting for them,” he added.
