Most financial institutions in Spain, including major players and those with substantial market share, plan to maintain the aid scheme for borrowers facing payment difficulties. The Cabinet approved this support and banks have publicly and privately signaled their continued commitment in recent hours. In a moment of tempered optimism, negotiations with the Ministry of Economy aim to limit the long term impact of the measures while keeping banking liquidity stable and robust for the mortgage market.
We can confirm that links remain strong between the principal banking groups and their national employers association, which includes Santander, BBVA, Sabadell, Bankinter, and ING. Alongside legacy savings banks, CaixaBank has indicated it plans to participate, according to statements by Nadia Calviño, the vice president for economic affairs, who spoke after confirming that CaixaBank, where the state is a minority shareholder, intends to join the program.
CaixaBank’s president, Jose Ignacio Goirigolzarri, did not formally confirm participation on the spot but expressed clear support for reaching an agreement with the government. He emphasized a collaborative approach to sustain aid and ensure a well-functioning and competitive mortgage market. Directors across the sector echoed this stance, suggesting there should be no major obstacles in principle.
Widespread loyalty
The 2012 Code of Good Practices covers 87 assets, including the largest lenders and many smaller institutions such as rural banks. The government now expects similar support across the industry. Government officials have said customers will expect banks to offer these conditions, reflecting a high level of broad commitment to the plan. Gonzalo García Andrés, the minister of state for the economy, remarked in an interview with El Periódico that the sector should respond positively to the framework.
The initial banking reaction showed some doubts about the position. Agreements with employers were outlined on Monday, and asset managers did not have time to conduct a detailed review. Senior executives’ public statements at first suggested some hesitation, but banks privately indicated support for the plan, a stance further clarified as the Royal Decree text outlining the plan was published.
Financial sources noted a preference for direct negotiations with customers, but the government pursued a general framework, which many consider a pragmatic compromise. The core point is that the measures apply to the segment of mortgage borrowers most affected by rising rates. Banks will face limited exposure to future losses and will rely on private surveillance to monitor nonpayment risk rather than be burdened by excessive provisioning.
Under the plan, only beneficiaries of the 2012 law will clearly fall into the covered group if they meet income thresholds and quota conditions. Other borrowers with different income and quota profiles may still be monitored under the scheme. Industry estimates suggest roughly 300,000 people could fall into the first category, with total beneficiaries just under one million according to government projections.
Moderate effect
The agreement is designed to prevent banks from facing outsized hits to their accounts and capital base from loan delays or new lending costs. The Bank of Spain warned that banks must build capital for each new loan, a safeguard intended to balance relief for households with financial stability. Pablo Hernández de Cos, the central bank governor, endorsed the agreement as a reasonable balance that eases hardship for households with rising mortgage costs while avoiding undue pressure on the financial system. The central bank regards it as a constructive step toward preserving solvency and market confidence.
Kindelán stressed that the objective is to help people while safeguarding the mortgage market that has supported millions of families in Spain. The industry has long viewed access to housing as a cornerstone of economic security. The emphasis remains on maintaining a supervisory and regulatory framework that protects the market while ensuring mortgage access stays robust. José María Méndez, general manager of the savings banks employers association, explained that the sector is negotiating measures grounded in accounting rules and the Single Supervisory Mechanism for financial stability and a strong, competitive mortgage market.