Legal tip 896. New! Bank condemned to pay by Law 57/68 in Herrada del Tollo case
Thursday, January 31, 2013
Recent Court Decission won by the CostaLuz-DeCastro team where bank needs to refund our client out of provision 1segundo of Law 57/68. Developer: Herrada del Tollo.
There was no individual Bank Guarantee, no General Bank Guarantee: Bank was condemned due to being the depositer/ receiver of amounts and having not secure the issuance of the Guarantee. Purely due to lack of due custodian work out of Law 57/68.
Two awesome news on same day!
Good! Good! Banks meeting liabilities
María
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"Torremolinos II", Torremolinos, Malaga, South-east of Spain, by Alberts, at flickr.com
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Legal tip 895.NEW! Bank settling in Eurohouse case
Thursday, January 31, 2013
Good for Bank who is settling for the client without the need of a judicial procedure: good actitude. They expressly mentioned to us that they want to avoid judicial procedures as a matter of safeguarding reputation.
Let´s hope this is a sign of how things are changing.
Congrats to all: client, CostaLuz and De Castro, Bank.... and hopefully a new system coming!
Cheers! I am celebrating birthday with the team today! Will have a toast for this and you all !
Maria
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"Isla de las palomas, Tarifa", Cadiz, South of Spain, by Chodaboy, at flickr.com
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Legal tip 894. Creative legal solutions for property in Spain
Monday, January 28, 2013
As they have been discussed and proposed in Alternativas jurídicas en el nuevo mercado de la vivienda, a conference organized by Fundación Vía Célere, in collaboration with Unidad Editorial.
Several creative legal solutions to revise the housing market.
Mainly due to the current lack of credit, several legal figures appears as the most convenient to the current property market:
- Medieval emphyteusis census ( censo enfiteútico): real right ( right on rem, things), enshrined in the Civil Code, which regulates the transfer of beneficial ownership of a property on payment of an annual fee.
- Surface rights: allows a person (the holder of surface rights) to build on foreign soil paying the landowner a fee for the time that has been agreed. The length of the surface rights is to be established by contract with a maximum of 75 years if the right is granted by public bodies, or 99 years, when it was agreed between individuals.
- Rent: as an access of citizens to a home.
- Rent to purchase
- Leasing of rooms
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"Casa de Federico" (Federico Garcia Lorca, the writer), Fuente Vaqueros, Granada, South-east of Spain, by Landahlauts, at flickr.com
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Legal tip 893. Moody´s applaudes Spanish reforms
Monday, January 28, 2013
Moody's views positively the new Savings Banks Act prepared by the Government, especially because it limits the presence of politicians at the controls of these entities.
The rating agency notes that the interference of politicians were among the main causes that led to the bankruptcy system savings banks in Spain. So, is pleased that the new regulation, a draft of which has been subject to public consultation by the Ministry of Economy, seeks to reduce political influence over these entities.
“(…) it will improve the governance of the Saving Banks, as many of them went bankrupt as a result of political interference in the decision-making structure! Said Moody´s to Europa Press.
Keep going ahead!
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"Sierra de Grazalema", cadiz, South of Spain, by Senderismo Sermar, at flickr.com
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Legal tip 892. Hand keys back to Bank VII . Out of Court sales-auctions
Friday, January 25, 2013
Government will finish in coming days a substantial reform of mortgage market in order to protect borrowers from the wave of foreclosures of last years.
The idea is "to improve the position of the debtor", dramatically lowering interest for late payment of mortgages on first residences, which may not exceed the legal interest (now at 4%) plus a surcharge of two points percentage. That is, at most 6%, compared to the average 20% that is being currently charged. There will also be time limit as interest will be guaranteed with the house just for three years (against current five years).
This change has been encouraged by 47 dean judges in Spain
In addition, the proposal currently includes provision 115 or Mortgage Act to be suppressed: legal right of the mortgagee to require the extension of the mortgage to debtor in order to secure interest due and unpaid.
The proposal also includes an out of Court procedure for the sale of the property when the debtor defaulted mortgage.
How? At any time prior to the conclusion of the auction, the debtor may bring a buyer to Court paying at least the 70% of the appraised value for auction of the property. Once the Bank is notified, this will have "a period of 20 days to either bring a buyer paying a higher amount or repossessing the estate at that price putting an end to the procedure” Auction valuation presented by the debtor prevails over that made by the Bank.
Doors opened for the debtor to sell the house he cannot keep paying: this way, a private sale or private auction is possible. Anyone paying 70% of this valuation needs to be accepted by the Bank.
Previous posts on dation:
http://www.eyeonspain.com/blogs/costaluz/8218/legal-tip-849--dation-and-balance-vi-a-claim-by-judges-association.aspx
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"Nunca pares", Port of Barcelona, North-east of Spain, by Reina Cañi, at flickr.com
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Legal tip 891. US supporting Spain
Thursday, January 24, 2013
Source :investinSpain.org
The US ambassador in Madrid, Alan D. Solomont, addressed some 40 US multinationals to explain the real situation in Spain and highlight the country's investment opportunities. Those in the know state that he took the opportunity to support the reforms in the financial sector and the austerity measures put in place as a result of the crisis.
The conference was organised by the US Chamber of Commerce in Spain, chaired by Jaime Malet, and was attended by giants such as General Electric, McKinsey, Abbot, Lilly, Citibank, IBM, Pfizer, United and American Airlines, Xerox, Pepsico, Warner and Nike, to name a few. Spanish firms with interests in the USA, such as Iberdrola or Repsol, were also there.
“It is easy to focus on negative images, and there is no denying that Spain faces some significant challenges. But I think that we can highlight these challenges while emphasising the country's strengths. The central government is negotiating sensible financial reforms with the EU. And the regional governments are working hard to manage with waning budgets," assured Solomont in his opening speech. In response to the companies' questions, he reminded them that Spain has reduced the number of its financial entities from 50 to 15 in just two or three years, and has avoided any imminent danger of the system collapsing.
Solomont justified the tax hikes based on the need to correct the deficit problem and made it clear that the government has voiced its intention to bring them back down once the situation normalises. “I believe that Spain's leaders are working hard to balance fiscal responsibility with the need for wide-ranging reforms in the economy, while at the same time preserving the social security network. But it will take time for the reforms to render visible results in terms of growth and job creation," he stressed.
In the same vein, he pointed out that important investment opportunities are emerging in Spain, given the fall in asset prices. “The country has a dense network of small and medium businesses in a variety of leading sectors that are gaining productivity and access to international markets. The private sector has quickened the pace of its deleveraging process. And the prices of all kinds of assets have fallen to levels of seven or eight years ago, so foreign investment is beginning to return," he concluded.
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"Where is Manolo?", Benidorm, Valencia, East of Spain, by Reina Cañí, at flickr.com
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Legal tip 890. Spain is 3rd in global ranking for expats
Thursday, January 24, 2013
Source: http://www.expatexplorer.hsbc.com/files/pdfs/overall-reports/2012/report.pdf
Despite economic uncertainty the weather and easy going lifestyle mean expats are keen to stay Spain ranks 3rd in the Expat Explorer Experience league table, while wider problems in the Eurozone account for the lower ranking in the Expat Explorer Economics league table (22nd).
Spain, along with the rest of the Eurozone, has faced economic uncertainty over the past year. However the easy lifestyle and good weather has made it a popular haunt for expats, particularly those looking to retire. A third (32%) of expats in Spain are retirees against a global average of only one in ten (9%). The sunny climate means that 79% of expats in Spain expect better weather against a world average of only 29%, which likely contributes to Spain ranking 3rd in the Expat Explorer Experience league tables.
In light of the wider economic troubles facing the Eurozone, 39% of expats in Spain believe the country is off on the wrong track while 58% believe it is getting worse as a place for expats to live and work. Only one in ten (11%) expats moved to Spain to take advantage of a job opportunity against a 31% global average. Similarly only 11% of expats believe it is a good place to earn more
money, compared to a world average of 30%.
Despite 92% of expats in Spain being dissatisfied with the economy, none are actively looking to leave. Increased opportunities for outdoor pursuits and leisure time perhaps play a part in helping this desire to stay in the country - 37% of expats are more active in sports compared to a global average of 27% and more than half (55%) believe they have a better work/life balance against a world average of 37%.
Improved diet is also a key factor. Nearly three quarters (71%) of expats report having a better diet since moving to Spain and 66% strongly agree that they prefer the food available. Expats also make a considerable effort to integrate, with 71% of expats strongly agreeing that they’ve tried to learn the local language.
Overall, despite the economic troubles, Spain is still a favoured place amongst expats. The easy going lifestyle, top weather and food appear to compensate expats for the difficult financial times.
"Spain is different", Andalusia, South of Spain, by Reina Cañí, at flickr.com
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Legal tip 889. A New Spain is possible
Tuesday, January 22, 2013
Lots of work to do! Spain can do it!
A new Spain is possible, but, we cannot longer do it alone: international participation is of the essence: come!!
Twenty laws coming in the quarter that has just started, in addition to those promised for 2012.
Final Credibility of Spain depends on this, to reform on:
Unity of the Market , to get it over with territorial barriers for companies in Spain.
Proffessional Pratcise , which will limit the compulsory character of Bar registration for Lawyers , some health professionals and architects.
Rationalization and sustainability of local government: to delineate municipal responsibilities, avoid duplication and eliminate redundant administrative structures.
Electoral system
Excessive expenditure of Regional governments: To this end, the reform program includes the creation of a separate taxing authority to ensure the budgetary rules and punish noncompliant administrations. Rajoy took an interview with the Wall Street Journal newspaper to announce it, which accounts for its international interest.
Entrepreneurs: Tax aid for the activity of new entrepreneurs, encouraging individual investors in entrepreneurship, removal of administrative barriers and reduction of delinquencies in commercial operations.
The Law on Entrepreneurs must also include support for internationalization of business. The Internationalization Agency (Secex) will unite all public bodies to support companies abroad and facilitate exports and attraction of foreign investment.
Super-regulator: National Commission of Markets and Competition
Liberalization of passenger rail transport.
Transparency : against opacity in governance.
Lots of work to do! Spain can do it!
Maria
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"Trabajos en la era", Spain, by Elenirc at flickr.com
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Legal tip 888. London sees no rescue for Spain
Friday, January 18, 2013
According to Madrid Business paper Expansion today.
Almost unanimity of international financial authorities are now no clear about rescue for Spain.
Kevin Mortimer, Barclays head of investment strategy
Richard Barwell, RBS economist
see the clear Back-Up Spain has in Europe
A proof of the change of " feeling" is the monthly poll among investment funds published by Bank of America Merrill Lynch: 92% of poll survey respondents saw a rescue a month ago. Just 31% sees the rescue now. A higher percentage: 36% think that the US rating will lowered.
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"Rescate en el Orzán", Playa del Orzán, La Coruña, Galice, Nort-east of Spain, by santinet, at flickr.com
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Legal tip 887. Rental prices in Spain
Friday, January 18, 2013
Todat by Enalquiler.com
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"Isla de Tarifa", Tarifa, Cadiz, South of Spain, by Chodaboy, at flickr.com
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Legal tip 886. Timeshare success. Ownership surrender
Wednesday, January 16, 2013
It is not easy. Congrats to great legal assistant Manuel Guerrero!
Recent letter received by one of our clients:
OWNERSHIP SURRENDER
Dear XXXXXX,
(...)
I confirm receipt of documents for surrender of membership in XXXXXXXXX and that your membership is now cancelled in our database. I also confirm that there will be no past or future liability.
Yours sincerely,
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"Hi Ho Silver", Equestrian School, Jerez de la Frontera, Cadiz, South of Spain, by Alcalaina, at flickr.com
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Legal tip 885. New Barcelona Case Law on Banks liability
Wednesday, January 16, 2013
Great decission by Barcelona Appeal Court in relation to Martinsa-Fadesa.
Roj: SAP B 12812/2012
Id Cendoj: 08019370162012100805
In Barcelona, on the 9th of November 2012
Following a Court Decission by the Supreme Court dated 25th of October 2011, establishes that lack of Bank Guarantee is a major breach of contract which procuces the most fatal consequences in the contract history: cancellation.
Protection of Law 57/68 is part of ther fundamental rights of the European Union, acording to provision 38 of the Charert of Fundamental Rights: Consumers Protection: Policies of the European Union wil provide high level of protection to consumers. Provision 6 of the Treaty on European Union, so this right is fully effective to specific cases, according to provision 51 of the Spanish Constitutional text
Furthermore, says the Barcelona Court Decission, Law 57/68, was passed, intentionally to provide specific protection to Consumers.
Paragraph fourth of the said Court Decission is specially interesting in regards to Banks liabilities as literally says:
" Due to control and liabilitiy duties that Law 57/68 requires from Banks, out of provision 1 second of the said Law ( for the opening of the accounts and deposits, Banks or Saving Banks will request developers, under their liability, to provide guarantees described on paragraph above), Banks need to manage these funds as an expert trader and as if they were their own funds"
The Barcelona Court Decission ends up by saying that negligency by the Bank ( by not requesting the Guarantees), needs to be classified as serious, as it breaches an imperative rule .Being the consequences, an onbligation for refund of deposit plus legal interests, as other interpretation would leave provision 1segundo with no content. ( no real effect)
Perfect vision of Law 57/68, in our legal opinion.
Cheers,
María
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"Barcelona", North.east of Spain, by Moyan_Brenn_be_back_on_Jan_20th, at flickr.com
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Legal tip 884. What the Code of Good Practice means for Banks in Spain?
Monday, January 14, 2013
By submitting the Code of Good Practice Banks committ to deal with mortgage debtors in a certain way.
Unemployed home owners, whose circumstances qualify, have an option to:
a) restructure their debt,
b) reduce it, or
c) go through dation ( keys back to the Bank) of the mortgaged asset.
a) Debt restructuring: can include the possibility to make interest only payments for up to four years, extending the term of the loan to 40 years and rearranging payments for one year at an interest rate of 0.25% above the Euribor rate.
b) Reduction: If despite this restructuring, the home owner is still unable to pay his debts, the bank must offer a rebate of part of the mortgage. The amount of this reduction is dependant on each particular case, but a good press on the Bank should lead the Bank to reduce the mortgage debt ot the current value of the house.
c) Dation ( keys back to Bank): After one year of restructuring, the owner will be able to hand over the property to pay off the debt in full. According to July 2011 regulations on repossessions, Bank will have to take the property for no less than 60% of its value for auction. Generally that covers the whole debt. So the debtor will be free.
What are the qualifying circumstances?
1. Mortgage payments exceeding 60% of monthly incomes.
2. Properties need to be under a value frame depending on number of citizens.
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"Balcony with flowers in Albayzin", Granada, South-east of Spain, by perlaroques, at flickr.com
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Legal tip 883. Banks signing the " Code of Good Practices"
Saturday, January 12, 2013
Published on the 10th of January 2013 on the Spanish National Gazette
-Banca March, S.A.
- Banco Bilbao Vizcaya Argentaria, S.A. (BBVA).
- Banco Caixa Geral, S.A.
– Banco Caminos, S.A.
– Banco Cooperativo Español, S.A.
– Banco de Caja España de Inversiones, Salamanca y Soria, S.A.U
.
– Banco de Castilla-La Mancha, S.A.
– Banco de Sabadell, S.A.
– Banco Español de Crédito, S.A.
– Banco Espirito Santo, S.A., Sucursal en España.
– Banco Etcheverría, S.A.
– Banco Gallego, S.A.
– Banco Grupo Cajatres, S.A.
– Banco Mare Nostrum, S.A.
– Banco Mediolanum, S.A.
– Banco Popular Español, S.A.
– Banco Santander, S.A.
– BancoPopular-E, S.A.
– Bankia, S.A.
– Bankinter, S.A.
– Bankoa, S.A.
– Barclays Bank, S.A.U.
– BBK Bank Cajasur, S.A.
– Caixa de Credit dels Enginyers-Caja de Crédito de los Ingenieros, S. Coop. de Crédito.
– Caixa Popular-Caixa Rural, Coop. de Crédito V.
– Caixa Rural Albalat dels Sorells, Cooperativa de Crédit Valenciana.
– Caixa Rural Altea, Cooperativa de Crèdit Valenciana.
– Caixa Rural Benicarló, S. Coop. de Crèdit V.
– Caixa Rural D’Algemesi, S. Coop. V. de Crèdit.
– Caixa Rural de Callosa D´en Sarrià, Cooperativa de Crédito Valenciana.
– Caixa Rural de L’Alcudia, S. Coop. V. de Crédito.
– Caixa Rural de Turís, Cooperativa de Crédito Valenciana.
– Caixa Rural Galega, Sociedad Cooperativa de Crédito Limitada Gallega.
– Caixa Rural la Vall San Isidro, Cooperativa de Crédito Valenciana.
– Caixa Rural les Coves de Vinromà, S. Coop. de Crèdit V.
– Caixa Rural Sant Josep de Vilavella, S. Coop. de Crèdit V.
– Caixa Rural Torrent, Cooperativa de Crèdit Valenciana.
– Caixa Rural Vinaròs, S. Coop. de Crèdit V.
– Caixabank, S.A.
– Caja de Ahorros y Monte de Piedad de Ontinyent.
– Caja de Arquitectos, S. Coop. de Crédito (Arquia).
– Caja de Crédito Cooperativo, Sociedad Cooperativa de Crédito (Novanca).
– Caja de Crédito de Petrel, Caja Rural, Cooperativa de Crédito Valenciana.
– Caja Laboral Popular, Coop. de Crédito.
– Caja Rural Católico Agraria, S. Coop. de Crédito V.
– Caja Rural Central, S. Coop. de Crédito.
– Caja Rural de Albacete, Ciudad Real y Cuenca, Sociedad Cooperativa de Crédito, (Globalcaja).
– Caja Rural de Albal, Coop. de Crédito V.
– Caja Rural de Alginet, S. Coop. de Crédito V.
– Caja Rural de Almendralejo, Sociedad Cooperativa de Crédito (Cajalmendralejo).
– Caja Rural de Asturias, Sociedad Cooperativa de Crédito.
– Caja Rural de Baena Ntra. Sra. de Guadalupe, Sociedad Cooperativa de Crédito Andaluza.
– Caja Rural de Canarias, Sociedad Cooperativa de Crédito.
– Caja Rural de Cañete de las Torres, Ntra. Sra. del Campo, Sociedad Cooperativa Andaluza de Crédito.
– Caja Rural de Casas Ibáñez, S. Coop. de Crédito de Castilla-La Mancha.
– Caja Rural de Casinos, S. Coop. de Crédito V.
– Caja Rural de Castilla-La Mancha, Sociedad Cooperativa de Crédito.
– Caja Rural de Cheste, Sociedad Cooperativa de Crédito.
– Caja Rural de Córdoba, Sociedad Cooperativa de Crédito.
– Caja Rural de Extremadura, Sociedad Cooperativa de Crédito.
– Caja Rural de Gijón, Cooperativa de Crédito.
– Caja Rural de Granada, Sociedad Cooperativa de Crédito.
– Caja Rural de Guissona, Sociedad Cooperativa de Crédito.
– Caja Rural de Navarra, S. Coop. de Crédito.
– Caja Rural de Salamanca, Sociedad Cooperativa de Crédito.
– Caja Rural de Soria, Sociedad Cooperativa de Crédito.
– Caja Rural de Teruel, Sociedad Cooperativa de Crédito.
– Caja Rural de Utrera, Sociedad Cooperativa Andaluza de Crédito.
– Caja Rural de Villamalea, S. Coop. de Crédito Agrario de Castilla-La Mancha.
– Caja Rural de Villar, Coop. de Crédito V.
– Caja Rural de Zamora, Cooperativa de Crédito.
– Caja Rural del Sur, S. Coop. de Crédito.
– Caja Rural la Junquera de Chilches, S. Coop. de Crédito V.
– Caja Rural Ntra. Sra. del Rosario, Sociedad Cooperativa Andaluza de Crédito.
– Caja Rural Nuestra Madre del Sol, S. Coop. Andaluza de Crédito.
– Caja Rural Regional San Agustín Fuente Álamo Murcia, Sociedad Cooperativa de Crédito.
– Caja Rural San Isidro de Villafamés, S. Coop. de Crédito V.
– Caja Rural San Jaime de Alquerías Niño Perdido, S. Coop. de Crédito V.
– Caja Rural San José de Almassora, S. Coop. de Crédito. V.
– Caja Rural San José de Burriana, S. Coop. de Crédito V.
– Caja Rural San José de Nules, S. Coop. de Crédito V.
– Caja Rural San Roque de Almenara, S. Coop. de Crédito V.
– Cajas Rurales Unidas, Sociedad Cooperativa de Crédito.
– Cajasiete, Caja Rural, Sociedad Cooperativa de Crédito.
– Catalunya Banc, S.A.
– Colonya Caixa D’estalvis de Pollença.
– Crèdit Valencia, Caja Rural, Cooperativa de Crédito Valenciana.
– Ibercaja Banco, S.A.
– ING Direct Nv, Sucursal en España.
– Kutxabank, S.A.
– Liberbank, S.A.
– NCG Banco, S.A.
– Nueva Caja Rural de Aragón, Sociedad Cooperativa de Crédito.
– Popular Banca Privada, S.A.
– Targobank, S.A.
– Unicaja Banco, S.A.
– Unnim Banc, S.A.
"Geranios", Mutilva Alta, Navarra, Notrh of Spain, by Rufino Lasaosa, at flickr.com
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Legal tip 882. Optimism in Spain´s market
Saturday, January 12, 2013
Ibex has increased a 6% sinde beginning of the year
Risk premium fell to 300 basic points.
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"Abanicos", Pamplona, Navarra, North of Spain, by Rufino Lasaosa, at flickr.com
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Legal tip 881. London Banks looking to Spain. What about solidarity?
Thursday, January 10, 2013
Banks in the City look to Spain to invest in 2013
According to recent new in Expansion, Spain is one of the main recommendations of investment analysts of the City of London, in the hope that the activation of the support of European Central Bank (ECB) boost markets and dispel any fears of euro break.
" Spain can give positive surprise in 2013, thanks to the reduction of the risk premium by advances in European integration". ( Ronan Carr, Morgan Stanley, London)
Goldman itself sees a good opportunity in the Spanish fixed income. Like most banks, the agency believes that Rajoy will ask the ECB in the first quarter of 2013 to enable its bond purchase program, which will cause a drop in the risk premium. Therefore, Goldman recommends buying Spanish government bonds to five years, because they could reduce their cost (going in the opposite direction of its price) of 4.3% to 3.5%. JPMorgan intends to acquire three-year Spanish debt.
Ben Funnell, manager GLG Partners, agrees that the market is attractive "by their valuation and the rapid increase in exports."
Other funds are cautious:
Rory Bateman and Philip Dicken, managers of Schroders and Threadneedle respectively, prefer to bet on "values listed in Spain but with heavy reliance on foreign sales."
Many managers believe that the Spanish market in 2013 will be one of the most successful betting. Fidelity bets on Ebro Foods, Inditex, BBVA, Iberdrola or Grifols, and Barclays believes that the big banks will be a good bet for 2013.
On Thursday, BBVA prooftested investor appetite. He managed to capture 1,500 million from investors, 90% from abroad. In addition, the Spanish bank debt issuance placed in record time and with high demand. In recent sessions, the risk premium has fallen to the lowest level since March. If this continue the decline, other companies will be encouraged to issue shortly.
Barclays analysts believe that one of the 'top trades' of 2013 may be the purchase of shares of the Spanish stock market because it is cheap. Estimate the Ibex 35 could give an annual return of 16%.
Morgan Stanley advocate for Ibex values such as Santander, Dis, Mapfre and Abertis. HSBC also recommends the Spanish market, especially Iberdrola. Among investment managers, GLG Partners see significant opportunities in the Ibex.
I am hapy to hear this, but left me thinking:
I wish growth analysis came always with a paragraph on how any growth will also contribute to the development of poor countries.
We just need to understand and enjoy the social character of wealth within the free market.
Yes, I dream for the world I want for my kids.
"Panoramica de la Giralda, Sevilla", Seville, South-west of Spain, by Chodaboy, at flickr.com
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Legal tip 880. Bars to Banks here and there
Thursday, January 10, 2013
Two refreshing posts today from New York and Barcelona. Both same promising for balance within the financial world:
New York: ( Source: Consumer Law and Policy Blog)
The Consumer Financial Protection Bureau thinks that people should not take on mortgages that they cannot afford. As explained in this Washington Post article, the CFPB today will issue new rules to protect consumers from high-risk mortgage borrowing. Among other things, the rules will define a "qualified mortgage" and say that a consumer cannot obtain a qualified mortgage if her debt burden exceeds 43% of her income. We will update this post with the rules themselves as soon as we have them.
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Barcelona
Friend Carlos Guerrero is posting today on how Court Number 44 in Barcelona has passed a recent decission on the nullity of a multicurrency mortgage contract . Nullity based on this reasoning: the big complexity of the product required the claimer to have precise finantial knowledge. The Court decission also denounces the speculative nature of the product and the fact that the mortgage document did not explain on the attached risks.
The great decission by the Barcelona Court says that important elements of the contract were subject to multiple variables and facts of difficult prediction.
Lack of explanation/clarity by the Bank makes the contract null and void.
So splendid!
Maria
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"Puerta de Jerez, Tarifa, Cadiz", South of Spain, by Chodaboy, at flickr.com
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Legal tip 879. Bank of Spain supervising at last
Wednesday, January 9, 2013
Bank of Spain is reviewing its current supervision model. It is part of the price of the European aids to Spanish Banks.
On July 20, 2012 a memorandum was signed which included a commitment from the Bank of Spain to conduct an internal review of its supervisory procedures, including the process of decision making. The objective of the review was to perform a diagnosis of supervision procedures of Bank of Spain in order to identify gaps and make proposals for reform.
Main supervisor will have a permanent inspector team - "in situ", in each of the " relevant" entities, as Santander and BBVA have had for years.
Such an important and great new. Finally!
As we posted a long time ago ( click on here , or here ) it is evident that a right implementation and supervision of Law 57/68 and its consequennces for Banks protocols by Bank of Spain would have avoid a big part of the real estate and financial bubble in Spain. It is good that Judges are now punishing Banks in regards to liabilities out of provision 1.2 of Law 57/68. I am confident timidity is not going to be among the actitudes of the judiciary during the next months in regards to Banks and liabilities out of Law 57/68.
But let also be fair and make an account on how foreign Banks made business too out of this laxity. I am a very fan on De Grauwe and his prophetical vision of the problem: Spain did not create the bubble, it just happened here.
Anyhow, as we are all looking to solutions, this today´s new is of congratulation nature!
I am also sure that the Keith Rule´s Bank Guarantees in Spain petition, broadly promoted in EyeonSpain has played its due role already. Congratulations again Keith for your vision and persistency.
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"Panoramica de la calle Betis, Triana y el rio Guadalquivir, Sevilla", Seville, South-west of Spain, by Chodaboy, at flickr.com
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Legal tip 878. Spain´s growth by its foreign lovers
Thursday, January 3, 2013
On THE TIMES today how Spanish young people are leaving for the Uk and other countries:
Possibly a sign of these globalized times as I am sure that many foreign will come to Spain in return to create businesses and oportunities in this country which is being well fixed and supported by Europe ( finally!).
Spain has a a powerful attractiveness to many different types of inmigrants.
Strategically it is a country which is at the same time South of Europe, North of Africa and the european home of Latinamerica. Long past and promising future
Better said, good Spanish professionals with international background will be able to attract the best of enterpreneurs and investors to their areas. Spain is full of culture, personality, richness, generosity, fun and sun.
By the way... any of you wanting to create in Campo de Gibraltar?. We will be joining you with reasonably priced legal, commercial and labour advise.
Soon the enterpreneur Law and Residency by property coming!
Keep the eye on here
Maria
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"Dedicada", Tarifa, Cadiz, South of Spain, by Chodaboy, at flickr.com
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Legal tip 877. Claims against IHT
Wednesday, January 2, 2013
I am sure many of you know that the European Commission decided to refer Spain to the EU's Court of Justice for discriminatory rules on inheritance and gift tax that require non-residents to pay higher taxes than residents.
The Commission had already formally requested Spain on 5 May 2010 (IP/10/513) and additionally on 17 February 2011 to take action to ensure compliance with the EU rules in regard to inheritance and gift tax provisions. However, no amendments have been made to Spanish legislation on the matter.
Inheritance and gift tax in Spain are regulated at both state level and at the level of autonomous communities. The autonomous communities'legislation grants residents a number of tax benefits that, in practice, allow them to pay much lower taxes than non-residents.
The Commission considers that this discriminatory tax treatment constitutes an obstacle to the free movement of people and capital, fundamental principles of the EU's Single Market, and is in breach of the Treaty on the Functioning of the European Union (Articles 45 and 63 respectively).
For this reason, if you paid more that 4000 euros as IHT for assets in Spain within the last four years, you can claim back an important part of these amount.
If you need further information on thism you ca contact us at web@costaluzlawyers.es
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"El mundo a sus pies", Basilica de El Pilar, Zaragoza, North-east of Spain, by pablitux, at flickr.com
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Legal tip 876. Love Marketing
Wednesday, January 2, 2013
It is love and care we put on our clients which makes the most effective and longstanding marketing for the company and which help us grow, not just financially as a company, but personally and as a team.
It is also a very spanish thing!
Easy
Fun
Creative
Provoking
Maria
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"En equipo", Vuelta Ciclista a España 2008, Granada, South-east of Spain, by Phranet, at flickr.com
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Legal tip 875. NEW Burgos Case Law on Banks Liability Law 57/68
Wednesday, January 2, 2013
Burgos Appeal Court, October 2012
Interesting Court decission as it denounces again the Fraud of Law tactic that Banks have been using to avoid their liabilities out of provision 1segundo of Law 57/68.
If the Bank was same for financing the Construction and receiving deposits by buyers.... there is no way to argue they did not know those funds paid into the developers´account were off plan deposits.
I think the post deserves this beautiful picture I found today as light is coming up step by step....
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Legal tip 874. 2013- bis
Wednesday, January 2, 2013
Primer día del año en La Barrosa (foto de Andrés Celis)— in Chiclana de la Frontera, Andalucia. in Facebook
First day of the year in La Barrosa ( picture by Andrés Celis) in Chicalana de la Frontera, Costa de la Luz, Spain
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