During the presentation of the organization’s results in Valencia this Friday, CaixaBank CEO Gonzalo Gortázar argued that the need for agreement should be accepted. measures to support people who have difficulties coping with their problems Due to the increase in interest rates and the increase in the cost of living, the mortgage, but limited to a “small circle” It was created “by the most vulnerable people”, otherwise it would mean “questioning the country’s payment culture”. Gortazar confessed the entire industry is concerned about the increase in rates, but he insisted that the current crisis has nothing to do with the one in 2008 because no major business disruption is expected as 14 years ago. “We’re talking about wages here, we’re talking about loss of purchasing power,” he warned.
The CaixaBank executive emphasized that the state of the bank’s mortgage portfolio is much better than when the real estate bubble burst. “We have a mortgage portfolio of 125 thousand million Euros. 60% Issued before 2012. people who have been dealing with variable rates for ten years and we hope they can continue to do so. excluding exceptions. A 33% of the portfolio is from the last 7 years and 72% is flat rate. We believe that floating rate clients understand the risks and can face the rise in rates” because they generally have more purchasing power. Gortázar said that the current effort rate for floating rate mortgages was 25% and will increase to 30% with the increase in rates, i.e. from 2008, when it reached 50%. He added that it was a very different situation.
No real estate bubble
Gortázar added that there is no real estate bubble, andHousing prices are 17% lower than in 2008. CaixaBank CEO, “2023 shouldn’t be good, but We don’t have to be a disaster.” In addition, he stressed that Spain was better prepared for the crisis than the rest of Europe. Less dependence on Russian gas and the level of indebtedness of companies and families, which is much lower than in 2008. The manager admitted that the economic environment has deteriorated. “We estimate GDP growth this year to be 4.5% and 1% in 2023. This contrasts with Europe, where the forecast in the eurozone is 0% in 2023,” he said.
Gortázar, a member of CaixaBank 2.457 million attributable net profit Euro 17.7% higher than the same period of the previous year on a homogeneous environmental basis until September. Through September, the business posted an increase of 11,491 million (3.4%) in its healthy loan portfolio. The interest rate fell to 3%. At the end of the third quarter, the number of employees was 44,501, 5,200 compared to a year ago.
spiral of inflation
At the gate of the CaixaBank headquarters in Valencia, employees of the enterprise concentrated to demand the recovery of purchasing power in the financial sector. Employees regret they have increased their salaries by 0.5% this year and will increase them by another 0.5% next year Conditioned by agreement despite inflation. Gortazar,”pay prudence” in a context like the present. “If we accompany inflation with equivalent increases in wages, spiral that makes inflation worse and in the end we are all getting poorer,” he warned.
Source: Informacion
Christina Moncayo is a contributing writer for “Social Bites”. Her focus is on the gaming industry and she provides in-depth coverage of the latest news and trends in the world of gaming.