The large Spanish banking sector defends its performance in the mortgage market despite the Competition investigation
The six IBEX entities consider that the CNMC's arguments have "very little basis"
BarcelonaThe large Spanish banking sector continues to defend its actions in the mortgage market despite the investigation opened in June by the National Markets and Competition Commission (CNMC). According to financial sources consulted by the Efe agency, the arguments put forward by the supervisory body have "very little basis" and recall that the Competition Commission already dismissed a complaint against the four major state banks – Santander, BBVA, CaixaBank, and Banco Sabadell – for the low profitability of their client deposits.
In the eyes of the CNMC, the six entities listed on the Ibex – to the four major banks, Bankinter and Unicaja must be added – could have engaged in anti-competitive practices related to their mortgage policy. Specifically, Competition is investigating whether statements made by the executives of these companies about the future commercial policy of mortgage interest rates would have allowed them to "anticipate the future behavior of their competitors".
Although the investigation is still in the instruction period – which must last a maximum of 24 months – several executives recently came out to defend their actions, coinciding with the semi-annual results presentations. In line with the arguments of the Spanish Banking Association (AEB), the CEO of Santander, Héctor Grisi, insisted on the idea that Spain has one of the "most competitive mortgage markets in Europe". This statement is based on data published by the European Central Bank (ECB), which indicates that only Malta (2.08%) and Bulgaria (2.48%) enjoy lower interest rates for taking out a mortgage loan. In Spain, the average interest rate is 2.8%, while in the euro area as a whole it stands at 3.43%.
His counterpart at BBVA, Onur Genç, avoided directly commenting on the CNMC's investigation, although he made it clear that the entity is "fully committed" to regulatory compliance.
Prudence in Catalonia
In the two large entities of Catalan origin, the messages were characterized by prudence. From CaixaBank, its CEO, Gonzalo Gortázar, expressed "respect" for the investigation, but at the same time assured that the entity is "calm" because they believe that competition has not been violated.
For his part, the CEO of Banco Sabadell, Marc Armengol, refrained from making comments and opted to highlight the bank's growth rate in the mortgage sector, emphasizing that the bank had resumed its natural dynamic.