{"id":37330,"date":"2017-02-02T00:00:00","date_gmt":"2017-02-01T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/aeb-informa\/notes-on-the-spanish-banking-sector-and-mortgage-market\/"},"modified":"2026-04-09T09:47:17","modified_gmt":"2026-04-09T07:47:17","slug":"notes-on-the-spanish-banking-sector-and-mortgage-market","status":"publish","type":"blog-aeb","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/notes-on-the-spanish-banking-sector-and-mortgage-market\/","title":{"rendered":"Notes on the Spanish Banking Sector and Mortgage Market"},"content":{"rendered":"<h2>1. INTRODUCTION<\/h2>\n<ul>\n<li>You are familiar with that false Chinese curse: &#8220;may you live in interesting times.&#8221; Well, our sector is living through them, and suffering them. <\/li>\n<li>These are interesting times that present us with challenges but also opportunities to improve and progress.<\/li>\n<li>This is the case with the recent controversy surrounding mortgages, which is what concerns you most now and which we will have plenty of time to discuss later.<\/li>\n<li>Indeed, it is a problem to which we are devoting considerable time, effort, and attention. But it is also an opportunity. First, to improve our mortgage system and, with it, our relationships with our clients. Furthermore, it is an opportunity to highlight what is important, what is effective, and how well our mortgage market works and has worked. It is a good system that has effectively fulfilled its objective of enabling many families\u2014more than 80%\u2014to own their homes at a good price. Very few people have been excluded from this possibility and very few have defaulted on their mortgages. All of this has provided stability to families and to the Spanish economy.      <\/li>\n<li>We can discuss all of this later, during the question period if you wish, although I will advance some ideas beforehand.<\/li>\n<li>I also want to reflect, more briefly than usual, on the nature of the banking business. The message will be twofold: we will continue working to maintain our clients&#8217; trust and to improve the sector&#8217;s image, but we must also warn, with modesty but with rigor, of the risks of decisions that call legal certainty into question and that in the long term will work against the interests of citizens and the Spanish economy. <\/li>\n<\/ul>\n<h2>2. REFLECTIONS ON THE BANKING BUSINESS<\/h2>\n<h3>2.1 On the Nature of the Banking Business<\/h3>\n<ul>\n<li>In a mixed market economy, banks, insofar as they channel the economy&#8217;s financial resources, play a vital role in the progress of societies. Indeed, banks channel resources toward those projects and sectors that show the greatest future potential. They are, as Schumpeter reminded us, vital in the process of creative destruction in market economies.  <\/li>\n<li>For this reason, a bank manager has a far more complex task compared to any other business. While an entrepreneur or a worker in another sector must know their business, banks must know all businesses, because only in this way can they properly assess the risk of default. <\/li>\n<li>Obviously, this task also requires denying financing when a project lacks viability. As you will recall, Napoleon spoke with contempt of financiers, people without patriotism, he said. Well, even Napoleon must be denied financing when its repayment is not viable.  <\/li>\n<\/ul>\n<h3>2.2 On Maturity Transformation<\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Banks are the only financial intermediaries capable of safely transforming their clients&#8217; short-term deposits into loans that finance long-term projects, for SMEs or families, such as home purchases.<\/li>\n<li>It is precisely this role of banks in maturity transformation that makes their presence essential in any healthy financial ecosystem.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2.3 On Banks as Managers of Third-Party Resources<\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The banking industry, unlike others, operates with very narrow margins, of 1% or 2%. Therefore, it must work with large balance sheet volumes and with resources not only from shareholders, but above all from depositors. <\/li>\n<li>It is for this reason, because banks manage other people&#8217;s money, that they must be especially cautious and prudent. A good banker must always be prudent, because they are risking their depositors&#8217; money. <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2.4 On the Role of Banks in the Monetary Policy Transmission Mechanism<\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>This is not the place or time to discuss this, but I want to remind you that the effectiveness of monetary policy depends on the role of banks in transmitting monetary impulses. Let this brief comment serve as a reminder of another issue that could be discussed for hours. <\/li>\n<li>In short, banks play a vital role in the economy. Financial stability, which should be considered a public good, depends directly on the health of the banking system. It is therefore not surprising that even the father of economic liberalism, Adam Smith, defended the regulation of the banking sector in his work &#8220;The Wealth of Nations.&#8221; Banks accept this regulation, which makes this sector the most regulated in all its aspects. Such regulation is welcome provided it is proportionate, stable over time, and coherent.    <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>3. ON THE ESSENTIAL PROFITABILITY OF THE BANKING BUSINESS<\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Banks are private companies, financed by shareholders who legitimately seek a return commensurate with the risks they assume.<\/li>\n<li>As in any private business, if the return on equity (ROE) is below the cost of capital\u2014the minimum level of return required by the shareholder\u2014that business will be unable not only to attract new shareholders, but to retain those already in the shareholding.<\/li>\n<li>A business that destroys value will inevitably tend to reduce its activity in the future.<\/li>\n<li>But the same reflection must be made about each line of business: if the risk-adjusted return of a particular line of business is below the requirements of the cost of capital, that activity will probably be abandoned by the bank\u2014since it destroys value\u2014to focus on those activities that are profitable. And we should not deceive ourselves: it is the activities that require a commitment of resources over the very long term that are most delicate. <\/li>\n<li>I believe we are all aware that this sector, like any other, must be profitable to survive and that positive profitability is not enough: it must cover, at minimum, the cost of capital. And that the triple challenge of low interest rates, increasing regulatory capital and resolution requirements, together with the ongoing digital revolution, makes achieving that minimum required profitability especially difficult. <\/li>\n<li>All of this, which seems obvious, is nevertheless frowned upon. It is frowned upon for banks to make money, even though profits, the profitability of banks, are good for everyone, for the banks, but also for society as a whole. And in Spain we have had the recent experience of what happens when there are poorly managed deposit institutions that lose money and fail. No one wants to repeat that experience.   <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. ON THE REGULATION OF THE SECTOR<\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Today I want to focus not on capital, solvency, or resolution regulation, but on client protection, known in our jargon as conduct of business rules.<\/li>\n<li>The premises, or if you will, the basic architecture of the system, are as follows:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>o Very detailed and prolix rules are established, very costly to apply but which offer investment service firms, among which are banks, a guarantee of a &#8220;safe harbor&#8221; if they are applied.<br \/>\no The principle of freedom of contract together with the protection of unsophisticated retail clients are its basic pillars. Product marketing is prohibited only in rare exceptions. Furthermore, this protection of unsophisticated retail clients does not extend ad infinitum to all clients, reaching the point where qualified investors are required to exercise prior due diligence, individual responsibility.  <\/p>\n<p>o The Courts, with the Supreme Court at their apex, clarify the specific elements of this regime and delimit, beyond the regulation, the boundary between the investor or client who must be protected and the one from whom more should be required due to their knowledge or financial status.<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The practical result of this regime has been the generalization of very prolix and complex contracts. But we must be clear: as in the case of drug package inserts, the complexity of financial contracts is the result of that prolix regulation; the fine print is given by the regulation. <\/li>\n<li>What is the current situation?<\/li>\n<li>The client is faced with formalities they do not understand, and trust has been replaced by the coldness of a strange regulatory liturgy.<\/li>\n<li>Banks find that compliance with such costly regulation guarantees them nothing: there is no safe harbor. Not even in the legal arena is the situation clear, since through what legal experts call preliminary rulings we have discovered, not without great concern, that the final authority is not our Supreme Court, but the Court of Justice of the European Union. <\/li>\n<li>In short, there is a growing gap between formal and effective protection, and this benefits neither clients nor banks.<\/li>\n<li>Furthermore, jurisdictional uncertainty regarding the regulatory regime is targeting businesses, such as mortgages, with long terms and narrow margins, with very damaging and worrying retroactive effects.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>5. IN CONCLUSION<\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Banks are perfectly aware of the need to work on improving relationships with their clients. As I always indicate, the Spanish commercial banking model is aimed at establishing long-term ties with clients, and providing them with good services at a reasonable cost throughout their life cycle, from mortgages to pension funds and savings products, including efficient payment and collection services. <\/li>\n<li>Looking to the future, we must establish simpler and more transparent relationships, but also ones that avoid artificial rigidities, that is, that allow the essential flexibility so that the demand for financial services can be met with a supply that adjusts as closely as possible to those individual conditions.<\/li>\n<li>In this reflection on the future, we must assess whether the current regulation of conduct rules, prolix and costly, is not also inefficient for both banks and their clients. And we must remember that the worst thing for any consumer, the most painful, is not having access to financing. Let us not create a problem of financial exclusion where there is none.  <\/li>\n<li>We must, furthermore, provide security to the business: the current situation of legal uncertainty is not sustainable, and leads to paralysis of activity and investment.<\/li>\n<li>We must assess the competitiveness of the Spanish banking sector. Very frequently, specific national rules, the so-called gold-plating, cause, with the best of intentions, heavy and uncompetitive regulatory regimes. We must assess each national response, consider whether it makes sense in the European context and, if so, propose coordinated responses, and, finally, implement them respecting the principle of proportionality.  <\/li>\n<li>But we must also promote financial education, at all levels and strata, including professionals and those in public service. It cannot be that we spend more time choosing the paint color of a car or the upholstery color than on the different financing options. Or that we undertake the acquisition of a home through a mortgage loan, probably the most significant financial decision of our lives, without a minimum of attention. And banks have a crucial role to play here, which is to provide their clients with all the information they need to make the best decisions, autonomously and informed.   <\/li>\n<li>As I have said on other occasions, I do not know of a prosperous society without a healthy banking system capable of financing economic and social progress. Whether we like it or not, the future of society and that of banking are the same, because banking is only understood as an instrument at the service of society. <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Jos\u00e9 Mar\u00eda Rold\u00e1n, Chairman of the Spanish Banking Association<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reflections by Jos\u00e9 Mar\u00eda Rold\u00e1n Alegre, President of the AEB, on the banking business and its essential profitability.<br \/>\nEuropa Press Breakfast Briefing: Notes on the Spanish Banking Sector and Mortgage Market by Jos\u00e9 Mar\u00eda Rold\u00e1n Alegre, President of the AEB.<\/p>\n","protected":false},"featured_media":36382,"parent":0,"template":"","etiquetas":[287,294,323,314],"categorias-blog":[783],"class_list":["post-37330","blog-aeb","type-blog-aeb","status-publish","has-post-thumbnail","hentry","etiquetas-banca","etiquetas-banca-espanola","etiquetas-hipotecas","etiquetas-mercados","categorias-blog-presidency"],"yoast_head":"<!-- This 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