Goldman Sachs raises to a range between the 7,000 and the entire 44,000 million euros of the potential impact for the Spanish banking sector before tax if the Luxembourg Court resolves against the corresponding to mrti mortgage.
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The Court of Justice of the European Union (CJEU) is currently reviewing the indicator used as an alternative to the euribor in some operations after the European Commission amended the verdict of 2017 of the Supreme in favor of the banks, with the argument that it would violate the community law to consider that it does not offer any guarantee of transparency and can be abusive.
The investment bank, warns in a report published this Tuesday, that this situation is dormant when the Bank of Spain has warned in recent weeks that he perceives as being "low" the capital position of Spanish banks and hes have leaded him to "strengthen it", following also to consider as "relevant," the legal risks of the mortgages.
Between them, goes beyond the corresponding to mrti and remember the controversial tax on documented legal acts that the Government has Neyine decided to allocate to the banks from now on despite the fact that the Supreme Court concluded that it should continue paying the client.
The own executive amounted to 5,000 million, the cost if the courts determine the merits of who should assume the financial institution with a retroactive four years, according to remember. In addition would be spotlights judicial living in relation to other litigation as clauses soil, the early amortisation, the costs of formalization of the loans or mortgages multi-currency.
The figures mentioned are extrapolations to the whole financial sector, and of that amount estimated to be between 5,000 and 29,000 million the potential impact for banks that covers (Santander, Caixabank, BBVA, Sabadell, Bankia, Bankinter and Unicaja).
An impact that is capable of diluting the capital of the seven financial institutions listed in a fork of between 24 and 152 basis points. In view of this contingency, the investment bank has reduced its recommendation from neutral to sell at Caixabank, with a target price of 3.5 euros per title, 4% lower than that estimated before, given their greater exposure to mortgages in the portfolio.
Santander and Unicaja, in contrast, has a tour of revalorizacióon 41 and 50%, respectively. Goldman Sachs sees corresponding to mrti as a "tail risk that could have important implications for the coverage of the values if it would be ultimately disadvantageous to the banks.
In his report reminds that the European Commission has considered, since all of the problems of "bad sales" in connection with mortgages involving Spanish banks (clauses soil, mortgages, multi-currency, corresponding to mrti, etc.) created "a serious problem with legal certainty and systemic risk".