The modification on mortgage expenses cost more than 4,000 million to the bank – La Provincia

The modification on mortgage expenses cost more than 4,000 million to the bank - La Provincia


The credit rating agency Moody's calculates that the impact it will have for banksthe judgment of the Supreme Court, Which holds them responsible for payment of mortgage taxes, will beexceeding 4,000 million euros.

This was indicated in astudy released last March, in which he estimated that, despite the difficulty of calculating the magnitude of the impact, the cost would exceed the total amount that the sector has reimbursed to customers due to the ground clauses, which at the time of publication of said report amounted to about 3,500 or 4,000 million euros, according to Moody's calculations.

The agency warned then that, if the Supreme Court held the banks responsible and not the clients for the payment of the Tax on Documented Legal Acts, in the public deeds of mortgage loan, the entities would beexposed to large-scale claims seeking reimbursements of mortgage taxes that have paid.

The Supreme Court has modified its previous jurisprudence and, in a new sentence known this Thursday, has determined thatit is the banking entities that must pay the Tax on Documented Legal Actsin the public deeds of loan with mortgage guarantee and not the clients, as determined in a previous sentence of February 28 of this same year, after which Moody's issued its report.

The ruling interprets the revised text of the Law on Transfer Tax (ITP) and Documented Legal Acts (AJD) and its regulations, and concludes that the borrower is not the taxpayer of the latter tax in the notarial deeds of secured loan mortgage (as its previous jurisprudence held), but the entity that lends the corresponding amount.

It takes into account, for this, that the registrable business is the mortgage and thatthe only interested in the elevation to public deed and the subsequent inscription of those businesses is the lender, "that only through said registration can exercise the executive and privileged action derived from the mortgage."

The banks of the Ibex 35 were tumbling in stockafter knowing the sentence. At around 13:20, the falls were 7.32% for CaixaBank, 8.11% for Bankia, 7.53% for Sabadell, 7.03% for Bankinter, 3.45% for BBVA and 3%. 03% for Santander.

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