CECA Member Entities Join the Codes of Good Practices on Mortgage Loans
CaixaBank, Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, and Colonya Pollença have confirmed their adherence to these voluntary Codes at the CECA Council.
CECA entities have been characterized by facilitating access to home ownership for broad segments of the population. Their aggregate market share in mortgage loans reaches 46 percent.
In March 2012, CECA sector entities joined the Code of Good Practices for the viable restructuring of debts secured by mortgages on the main residence. The sector demonstrated its social commitment and its intention to provide solutions in an economic context that is particularly challenging for the most vulnerable segments of the population. The Code remains in effect today.
In recent months, the Spanish banking sector has actively collaborated with the Ministry of Economic Affairs and Digital Transformation and the Bank of Spain in designing new support measures for clients facing difficulties in meeting their mortgage payments due to the recent increase in interest rates and the new economic context.
As a result of this collaboration, on November 22, the Council of Ministers approved a new set of measures that includes, first, a reform of the current Code aimed at the most vulnerable families under the current economic circumstances; and second, the approval of a new additional Code aimed at specific groups with middle incomes particularly impacted by the rise in interest rates.
In the last CECA Council meeting, all associated entities (CaixaBank, Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, and Colonya Pollença) confirmed their adherence to both the expansion of the current Code of Good Practices and the new Code, which will have a transitional regime lasting two years.
Access to housing, one of CECA sector’s main priorities
The entities associated with CECA have a long history of specialization in financing for companies and families and have always favored access to home ownership for all layers of the population, a critical factor for promoting social cohesion and stability.
In fact, it is noteworthy that the entities represented by CECA are particularly active in credit for home loans, where they are leaders with a market share in mortgage loans of 46 percent.
The transformation that the CECA sector has undergone in recent years has been carried out while maintaining a commitment to the values that identify the entities associated with the European Savings and Retail Banking Group (ESBG). These values are based on the well-known three “Rs” of the World Institute of Savings Banks and Retail Banks: Retail (retail), Rooted (rooted in the community), and Responsible (focused on delivering value to society and financial inclusion).
