The Government's decision that banks absorb the impact of the Tax on Documented Legal Acts (IAJD) from tomorrow instead of citizens projects a future reaction of the financial sector for its impact. In the stock market the uncertainty of the last three weeks has cost the financial sector almost 2,000 million euros and that despite the recovery last Wednesday. Nobody doubts that the taxpayer change of the tax will have repercussions in the mortgage market, although, for the amount thereof, between 0.5% and 1.5% of the loan amount, they will be practically negligible for the borrower's pocket.
The Minister of Economy, Nadia Calviño, warned yesterday that «There is a clear prohibition of clauses or abusive behaviors», in what the sector has interpreted as a misplaced warning, even more so when the text of the Royal Decree Law is not even known. When the cultural VAT was raised, remember, the price of movie tickets went up immediately.
The financial sources consulted by La RAZÓN take for granted whatand the impact of the IAJD will be transferred to the loans for the purchase of a house sooner rather than later, because it is a cost more. How will the financial system do it? Have a wide range of possibilities, especially if what you have to pass on to the client is a cost of 1,200 euros on average over the life of a mortgage loan that, according to the latest data from the National Institute of Statistics, in the month of August, it was 24 years, for a mortgage of 122,424 euros.
José Antonio Álvarez, CEO of Banco Santander, recently highlighted that if the banks ended up paying the IAJD what was safe is the costs of the mortgage business will have increased ». BBVA decided on the same line of recalculate the conditions of your loans based on how your costs vary.
The possibilities considered by the entities are: absorb it in the case of the most linked customers. This formula could be used in many cases, especially in a market with such high competition as Spanish. The second formula would be reissue the missing opening commission, which was around 1% of the amount of the credit. It would be the simplest for financial institutions, but also the most visible for customers. "It would be noticeable," a source told this newspaper. The commissions irritate the clients and, in addition, they are in the crosshairs of the courts considering them abusive practices. It does not look like I'm going to be chosen.
The most natural and the most complicated formula to link the cause-effect relationship is use what in the financial jargon is called «type curve». All entities have an interest rate for the first year of the loan and another for the rest of the amortization period. To beeferenced the euribor plus a differential that today, according to entities, ranges between 1 and 1.3%. It would be enough to raise a few tenths of the latter to cover the additional cost of the new tax.
What is most worrying to the bank is the reputational cost that the Government's decision can produce, which has once again pointed to the bank as "guilty" of a tax that it has never paid, because legally it was not required of it. Yesterday, bank securities returned to the limbo of doubts. Three rose, with a maximum of 0.65% for Bankia) and three fell, with Caixabank leading the losses.
In the sector worries that the profitability does not come to cover the cost of the capital (the remuneration to the shareholders), that today is placed in 8% and 10%, respectively. Three million Spaniards are shareholders (in addition to depositors and customers) of the eight listed banks.