21
Feb 2016
0

Banco Popular Loses Floor Clause Battle

Real Estate, Spanish News , , , , , , , , , , , , , , , Sabrina L. Williams

The Spanish Supreme Court has ruled in favour of OCU (Consumer Organization) by manifesting that Banco Popular’s floor clause to be null and void. This is another battle OCU has won against one of Spain’s leading banks following up from sentences in 2013 that ruled against BBVA, Abanca and Cajamar.

Floor Clause TrapIf you have been following this particular issue that is rampant in Spanish banks, you would know that during the property boom, limits were placed within clauses of mortgage loans to stipulate a minimum interest rate throughout the life of the mortgage. This means that if the interest rate were to fall below the stipulated minimum or floor clause, the holder would not benefit because the bank would charge the “agreed” floor clause. I say “agreed” simply because most holders were not properly advised of the existence or the meaning of this clause in their contracts.

25
Apr 2015
0

Identify Yourself: Banks to close accounts of unidentified customers on 30th April

Spanish News , , , , , , Sabrina L. Williams

A new mandate has been issued by banks in line with Law 10/2010 on the prevention of money laundering and financing of terrorism. This law requires banks to hold copies of their customers valid and in-date ID on-file and to contact any customer with an incomplete file so that a copy of  the relevant documents can be promptly provided. Banks must contact the affected customers via letter, email or SMS but if you do not receive notification, it means the bank is already in possession of your details, even so, it may be a good idea to double check your status just in case.

The accounts of any customer who does not submit their paperwork on time will be deactivated on the 1st May 2015 rendering any credit and debit cards inoperable and preventing access to online banking systems. However, if the necessary details are made available within three months from the 30th April, the account can easily be reactivated. After this period, things will become more complicated because the account will form part of the banks’ Memorandum Accounts but that does not mean the loss of  the balance that existed at the time of closure.

21
Aug 2014
0

A Bird’s Eye View of Your Property

Spanish News , , , , , , , , , , , Sabrina L. Williams

As we are all aware, over the last couple of years in particular, Public Administration Offices are making a conscientious effort to ensure that the many of the Laws and Regulations that have gone unenforced for a number of years are fully applied from now on.

At this moment, the Catastro Office has initiated an inspection campaign to update its database. The Catastro Office is a Property Registry Office normally situated within the local Town Hall but should not be confused with the Land Registry Office. This registry allows the Town Hall to update its records with regards ownership, size, characteristics and value of the properties within its jurisdiction. This department must be notified whenever a property changes hands or is altered in a significant way so that the details can also be modified and if necessary its tax value updated.

14
Jun 2014
0

Spanish Tax Reforms. Controversial or a Necessity?

Spanish News , , , , , , , , , , , , , , , , , , , , , , , , , , Sabrina L. Williams

Spanish Tax Inspectors have put forward recommendations to legalize prostitution and trafficking of so-called “soft” drugs such as marihuana in a bid to better fight their adverse consequences whilst increasing income to the National Treasury at the same time. They consider that between both illicit activities a further 6.000 million euros may be collected by the National Tax Office (AEAT) each year.

03
Mar 2014
0

Spanish Government Begins to Sell Bankia Shares

Spanish News , , , , , , , Sabrina L. Williams

Bankia is once again in the news, this time fortunately, it is not requesting another bailout. The complete opposite is happening as in fact, the Spanish Government has begun to sell its shares in that bank as it struggles to remain solvent. The government used 18 billion Euros of EU funds to bailout the flagging bank and currently owns 68%. The idea is to sell up to 18% of its shares to private investors.

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