Vice President Calviño had already announced that the entity, which is 16% owned by the state, would join the protection measures approved by the government on Tuesday
The board of directors of CaixaBank on Thursday approved the new support measures for mortgage borrowers in difficulty. The entity assumes the new terms of the current Code of Good Practices and also the new regulations that strengthen the protection of vulnerable households -with the possibility to restructure the debt- and at the same time the possibilities to restructure the debt towards middle class households. -class families with a maximum income of 29,400 euros per year.
Of all major entities, the bank chaired by José Ignacio Goirigolzarri is the first to make this decision, just two days after the Council of Ministers approved the two new codes. The state has held a 16% stake in the bank’s capital since the merger with Bankia, which was bailed out ten years ago. He did it after two months of talking to the industry and rushing the details of it to the last minute. In fact, on the same Tuesday, it was the economic vice president, Nadia Calviño, who announced that CaixaBank would join the initiative, which could drag the rest of the entities along.
The entity, of which Gonzalo Gortázar is the CEO, has been the most active in providing support according to the code of good practice and has carried out 35% of the operations in the sector as a whole. José Ignacio Goirigolzarri explained that the company’s board of directors has decided that the entity must adhere to the new initiatives “because we are the main stakeholders in supporting society as a whole and especially our clients in difficulty. We have always done it, we do it today and we will continue to do it in the future, because we have a commitment and a duty to contribute to the economic and social well-being of the country.”
Gonzalo Gortázar stressed that CaixaBank is “in a very solid position to continue to help families and businesses and to mitigate the impact of any economic downturn that may occur.” It also appreciates the fundamental role banks play in the economy and society: “We perform a fundamental social function.”
The entity has extensive experience in supporting its customers. In 2009, it launched an Individual Assistance Plan that helped 360,000 customers who were unable to pay their mortgage loans during the previous financial crisis. In addition, it has made more than 27,000 payments and awarded 35% of operations covered by the Code of Good Practice of the financial sector as a whole.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
