Advanced Search

Resolution Of 8 April 2013, Of The Ministry Of Infrastructure, Transport And Housing, Which Publishes The Agreement Of The Council Of Ministers Of 22 March 2013, Which Are Reviewed And Modified Efectiv Interest Rates...

Original Language Title: Resolución de 8 de abril de 2013, de la Secretaría de Estado de Infraestructuras, Transporte y Vivienda, por la que se publica el Acuerdo de Consejo de Ministros de 22 de marzo de 2013, por el que se revisan y modifican los tipos de interés efectiv...

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

TEXT

The Council of Ministers, at its meeting on 22 March 2013, on a proposal from the Government Delegation for Economic Affairs, adopted the Agreement set out in the Annex to this resolution, which is reviewed and amended. effective annual interest rates for eligible or agreed loans granted under the 1993 and 1995 programmes (1992-1995 Housing Plan), the 1998 programme (Housing Plan 1996-1999), the Housing Plan 2002-2005 and the Plan of Housing 2005-2008.

For general knowledge, the publication of that Agreement is available as an annex to this resolution.

Madrid, 8 April 2013.-The Secretary of State for Infrastructure, Transport and Housing, Rafael Catala Polo.

ANNEX

Agreement on the revision and modification of the existing annual effective interest rates for qualified or agreed loans granted under the 1993 and 1995 Programs of the 1992-1995 Housing Plan, the Program 1998 Housing Plan 1996-1999, Housing Plan 2002-2005 and Housing Plan 2005-2008

In the 1992-1995 State Housing Plans, 1996-1999, 2002-2005 and in 2005-2008, the criteria were established for setting the initial, initial, effective interest rates on loans to be granted by the In the context of the partnership agreements, which have been signed by the relevant ministries, the competent authorities in the field of housing, to finance the actions declared as protected in those plans, as well as, in some cases, their revisions.

In the regulatory regulations of those plans, the time, dates or periodicity and the applicable methods for carrying out the established revisions, of the annual effective interest rates, were also established. qualified and agreed loans.

By Council of Ministers ' Agreements of 28 March 2008, 12 March 2010 and 18 May 2012, the last review of the interest rates applicable to eligible loans under the 1993 programme of the European Union was carried out. Plan 1992-1995, Programmes 1995 and 1998 of the 1992-1995 and 1996-99 Plans respectively, as well as of the remainder of the abovementioned Plans, 2002-2005 and 2005-2008, with interest rates at 3.86 and 4.08 per 100 being fixed for the 1993 programme, in the 2.60 per 100 for the 1995 and 1998 programmes, at 3.38 per 100 for the 2002-2005 Plan, and 3.39 per 100 per year for Plan 2005-2008.

A review of these effective annual interest rates should be carried out again, applying the appropriate methodologies, in each case, to the following considerations:

I. 1993 Programme of the 1992-1995 Plan

(a) According to the Council of Ministers ' Agreement of 29 January 1993, the effective interest rate will be revised every five years, starting in the first quarter of 1998, until the repayment of the loans granted during 1993. For this review, a mean rate of reference, obtained as an average of the last six months with the available published information, of the reference rate of the mortgage loans of the set of financial institutions, shall be calculated. by the Banco de España, weighting double the value corresponding to the last two months. The revised effective interest rate shall be 85 per 100 of the value of the average reference rate. The new rate will apply if the difference from the current rate differs, at the time of revision, at least one percentage point.

In accordance with the above, the corresponding values for the last six months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• July 2012: 3,488.

• August 2012: 3,430.

• September 2012: 3,347.

• October 2012: 3,078.

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

Program 1993, from 1992-1995 plan:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.70.

This type differs by more than one percentage point from the current rate since 2008: 3.86%.

Therefore, the annual cash interest rate resulting from the review carried out in the first quarter of 2013, applicable to loans granted by credit institutions, in the framework of the agreements concluded with the Ministry of Public Works and Transport, and currently with the Ministry of Public Works, under the Council of Ministers Agreement of 29 January 1993 for the 1993 programme, will be 2.70 per 100 per year.

b) According to the Council of Ministers ' Agreement of 18 June 1993, the interest rate shall be revised every five years from the first quarter of 1998 until the repayment of the loans granted in 1993. For this review, a mean rate of reference, obtained as an average of the last six months with the available published information, of the reference rate of the mortgage loans of the set of financial institutions, shall be calculated. by the Banco de España, weighting double the value corresponding to the last two months. The revised effective interest rate shall be 90 per 100 of the value of the average reference rate. The new rate will apply if the difference from the current rate differs, at the time of revision, at least one percentage point.

In accordance with the above, the corresponding values for the last six months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• July 2012: 3,488.

• August 2012: 3,430.

• September 2012: 3,347.

• October 2012: 3,078.

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

Program 1993, from 1992-1995 plan:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.85.

This type differs by more than one percentage point from the current rate since 2008: 4.08%.

Therefore, the annual cash interest rate resulting from the review carried out in the first quarter of 2013, applicable to loans granted by credit institutions, in the framework of the agreements concluded with the Ministry of Public Works and Transport, and currently with the Ministry of Public Works, under the Agreement of the Council of Ministers of 18 June 1993 for the 1993 programme, will be 2.85 per 100 per year.

II. Programme 1995 of the 1992-1995 Plan

According to the Council of Ministers ' Agreements of 20 January and 21 September 1995, the revision of the effective interest rate shall be carried out every three years and calculated by means of an average rate of reference, obtained as an average of the last six months with the available information published of the reference rate of the mortgage loans of the financial institution set up by the Banco de España, weighting the double the value corresponding to the last two months. The revised effective interest rate shall, in each case, be 90 per 100 of the value of the average reference rate. The new rate will apply if the difference from the current rate differs, at the time of revision, at least one percentage point.

In accordance with the above, the corresponding values for the last six months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• July 2012: 3,488.

• August 2012: 3,430.

• September 2012: 3,347.

• October 2012: 3,078.

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

Program 1995, from 1992-1995 plan:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.85.

This type does not exceed by more than one percentage point at the current rate since 2010: 2.60%.

Therefore, the annual cash interest rate resulting from the review carried out in the first quarter of 2013, applicable to loans granted by credit institutions, in the framework of the agreements concluded with the Ministry of Public Works, Transport and Environment, and currently with the Ministry of Public Works, for the program 1995, will continue to be 2.60 per 100 year.

III. 1998 Programme of the 1996-1999 Plan

According to the Order of 17 April 1997, the revision of the effective interest rate will be calculated by means of an average rate of reference, obtained as an average of the last six months with the available published information of the type of interest. a reference to the mortgage loans of the financial institution as a whole, weighing twice the value for the last two months. The revised effective interest rate shall, in each case, be 90 per 100 of the value of the average reference rate. The new rate will apply if the difference from the current rate differs, at the time of revision, at least one percentage point.

In accordance with the above, the corresponding values for the last six months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• July 2012: 3,488.

• August 2012: 3,430.

• September 2012: 3,347.

• October 2012: 3,078.

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

Program 1998, from 1996-1999 plan:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.85.

This type does not exceed by more than one percentage point at the current rate since 2010: 2.60%.

Therefore, the annual cash interest rate resulting from the review carried out in the first quarter of 2013, applicable to loans granted by credit institutions, in the framework of the agreements concluded with the The Ministry of Development for the 1998 program will continue to be 2.60 per 100 per year.

IV. Plan 2002-2005

In the first quarter of 2013, pursuant to Article 5 (c) of Royal Decree 1/2002 of 11 January 2002, it is appropriate to review and amend the financing measures for the 2002-2005 Housing Plan. case, the current effective annual interest rate applicable to all the loans granted or to be granted under the Housing Plan.

According to Article 5 (c) of the said royal decree, the revised interest rate on loans to be granted under the various programmes of the 2002-2005 plan shall be equal to the average of the values of the last two months, with available information, of the percentage rate of reference, rounded to two decimal places, of the mortgage loans of the credit institution as a whole, drawn up by the Banco de España, which is affected by a percentage. This percentage shall be 91.75 per 100, as set out in the Agreement of the Council of Ministers of 5 April 2002, as a result of the application of a system of competitive bids, by the credit institutions which proposed to cooperate. in the financing of the 2002-2005 plan.

The application of such a competitive bidding system was carried out in accordance with the order of 11 February 2002, which develops and concretely the procedure to be followed in this respect.

In accordance with the above, the corresponding values for the last two months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.76.

Therefore the annual effective interest rate resulting from the revision made, applicable to the loans granted by the credit institutions, in the framework of the agreements signed with the Ministry of Development for the The financing of the 2002-2005 Housing Plan will be 2.76 percent year-on-year.

V. Housing Plan 2005-2008

In the first quarter of 2013, pursuant to Article 9.3 of Royal Decree 801/2005 of 1 July 2005 on measures to finance the 2005-2008 Housing Plan, it is appropriate to review and amend, in its case, the current effective annual interest rate applicable to all the loans granted or to be granted under the Housing Plan.

According to Article 9.3 of the Royal Decree, the revised interest rate on loans to be granted under the various programmes of the 2005-2008 plan will be equal to the application of a reduction coefficient to the average of the For the last three months, with information available, the percentage rate of reference, rounded to two decimal places, of the mortgage loans of all credit institutions prepared by the Banco de España. The reduction coefficient shall be 0,9175, established by the Agreement of the Council of Ministers of 5 April 2002.

In accordance with the above, the corresponding values for the last three months, to the date of the processing of this Agreement, for which the Banco de España has published benchmark indices of interest rates corresponding to the set of credit institutions are, as a percentage:

• October 2012: 3,078.

• November 2012: 2,992.

• December 2012: 3.023.

Revised type resulting from loans:

An image appears in the original. See the official and authentic PDF document.

Rounded to two decimal places: 2.78.

Therefore the annual effective interest rate resulting from the review carried out, applicable to the loans to be granted and granted by the credit institutions, in the framework of the agreements with the Ministry of Housing, and currently with the Ministry of Development, for the financing of the Housing Plan 2005-2008, will be 2.78 percent year-on-year.

In its virtue, on a proposal from the Government Delegation for Economic Affairs, the Council of Ministers, at its meeting on 22 March 2013, agrees:

First. New, revised and amended annual interest rate applicable to the eligible loans granted under the 1993-1995 Housing Plan Programme 1993.

1. The annual effective interest rate applicable to qualified loans granted by credit institutions to finance protected actions in the area of housing and land, in the framework of the agreements signed for the 1993 Plan of the Plan For the period 1992-1995, between the credit institutions and the Ministry of Public Works, it will be 2.70% a year for the agreed loans under the Council of Ministers ' Agreement of 29 January 1993 and 2.85% per year for the loans agreed under the Agreement of the Council of Ministers of 18 June 1993.

2. These effective, revised and modified interest rates will apply to the outstanding eligible loans and will take effect from the publication in the "Official State Gazette", from the start of the next full annuity of amortization of each loan.

3. In those cases where the new annual cash interest rate is lower than the subsidised interest rate recognised by the borrowers, the first of both interest rates shall apply to eligible loans.

However, if the application of the corresponding revised effective interest rate could result in higher payments for the borrower than would have been the case, without such a review, the Ministry of Public Works will subsidize the difference.

Second. Permanent annual interest rate, revised, applicable to qualified loans granted under the 1995-1995 Housing Plan Programme 1995.

The effective annual interest rate applicable to qualified loans granted by credit institutions to finance protected actions in the area of housing and land, in the framework of the agreements signed for the Program 1995 of the 1992-1995 Housing Plan, among the credit institutions, and the Ministry of Public Works, will continue to be 2.60 percent annually.

Third. The annual, revised, effective interest rate on loans granted under the 1998 programme of the 1996-1999 Housing Plan.

The effective annual interest rate applicable to qualified loans granted by credit institutions to finance protected actions in the area of housing and land, in the framework of the agreements signed for the Program 1998 of the Housing Plan 1996-1999, among the credit institutions, and the Ministry of Development, will continue to be 2.60 percent year-on-year.

Fourth. New annual, revised and modified effective interest rate applicable to eligible loans granted for the financing of the Housing Plan 2002-2005.

1. The new annual cash interest rate applicable to qualified loans granted by credit institutions, to finance protected actions in the area of housing and land, in the framework of the agreements signed for the Housing Plan 2002-2005, between the credit institutions and the Ministry of Development will be 2.76 percent year-on-year.

2. This revised and modified interest rate will also apply to all qualified loans granted by credit institutions in the context of the agreements for the financing of protected actions in the Housing Plan. 2002-2005, starting from the first due date, after one month after the day of its publication in the "Official Gazette of the State".

Fifth. New annual, revised and modified effective interest rate applicable to agreed loans granted for the financing of the Housing Plan 2005-2008.

1. The new annual cash interest rate applicable to agreed loans granted by credit institutions, to finance protected actions in the area of housing and land, in the framework of the agreements signed for the Housing Plan 2005-2008, between the credit institutions and the Ministry of Housing, will be 2.78 percent year-on-year.

2. This interest rate shall apply to all the agreed loans already granted by the cooperating credit institutions, corresponding to the said Plan 2005-2008, except as referred to in paragraph 1 (b) of the transitional provision Royal Decree 801/2005 of 1 July 2005, which shall be governed by the provisions of Order FOM/268/2002 of 11 February 2002 and in the Agreements of the Council of Ministers which review the interest rate of the loans agreed in the Housing Plan 2002-2005. The new interest rate shall apply from the first due date, after one month after the publication of this Agreement in the Official Gazette of the State.

Sixth. Application of the new non-cost modified interest rates for borrowers.

The credit institutions which granted the corresponding qualified or agreed loans, as referred to in the preceding paragraphs of this agreement, shall apply the new interest rate established at no cost to the credit institutions. borrowers.