July 29, 2021

The CNMC will not allow banks to adopt "coordinated behavior" to increase the cost of mortgages

The CNMC will not allow banks to adopt "coordinated behavior" to increase the cost of mortgages


MADRIDUpdated:

The president of the National Commission of Markets and Competition (CNMC), José María Marín Quemada, has assured that will not allow the banking sector to adopt coordinated behavior or carry out collective recommendations to pass on the cost of the Tax on Documented Legal Acts (IAJD) on customers.

This is what Marín Quemada said in a statement to RNE, while guaranteeing the "vigilance and monitoring" of the mortgage market by the body that presides. "We are not going to allow coordinated behaviors to occur under any circumstances, that is, agreements between market operators, or collective recommendations," the president of the CNMC stressed.

In this way, after last Saturday came into force the new regulations approved by the Government which are banks, and not customers, who must assume the mortgage tax, now we will have to wait to see how each moves one of the entities.

"We will have to see how each bank adapts its commercial policy, if they will have a greater or lesser impact on costs, or even if they do not transfer them," he said.

On the other hand, regarding the creation of the National Financial Stability Authority (Anesfi) that the Ministry of Economy and Enterprise announced last week, Marín Quemada has said that the important thing will be to clearly define its competences and not invade those of other institutions, such as those of the National Securities Market Commission (CNMV).

"We will have to wait to see what their functions are, since the important thing is that they define themselves well and that they add, instead of subtracting, while not invading competences", he specified.

Finally, he has asserted that independence is the "column" on which the operation of the CNMC rests. "It is an inalienable value and the way of acting in our day to day", he has defended, after in recent weeks it has been questioned that this factor exists among high public institutions.

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