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Lusa - Business News - Portugal: Banks group backs tighter rules on lending to avoid 'potential risks'




Lisbon, July 26 (Lusa) - The Portuguese Banking Association (APB) on Thursday backed new, tighter rules on retail lending introduced by the Bank of Portugal, saying that they would help avoid "potential risks", particularly in housing, where demand is growing.
"These are recommendations made to the banking system which, of course, cannot but be taken into account because they correspond to potential risks that should be avoided," the APB’s president, Fernando Faria de Oliveira, told journalists after a business lunch in Lisbon organised by the International Club of Portugal.
Faria de Oliveira argued that "the significant increase [in] demand for housing loans is the result of the situation of the Portuguese property market, of a strong presence of foreign investment, which of course creates, in relation to the rental market, a situation [of higher rents] that leads to some increase on the part of Portuguese citizens to attempt [to secure] a loan for their own housing.”
On 1 July new rules came into force that introduce restrictions on new housing loans and consumer credit, stipulating that households may only spend half their income on mortgage payments.
The stated objective of the new rules - announced by the Bank of Portugal, the banking supervisor and regulator, on 1 February 1 – is to ensure banks do not take on excessive risks in new lending, and that customers have the capacity to pay their debts, at a time when there are fears of a real estate bubble.
The new rules establish three types of limits, right from the rate of effort, with the BdP recommending the allocation of new credits only to customers who spend a maximum of half (50%) of their net income with the monthly benefits of all loans Detainees (housing and consumption), despite admitting exceptions.
In examining the debtor's capacity, banks still have to take into account factors such as the increase in interest rates (at three percentage points), to prevent the rise of the Euribor from jeopardizing the ability to pay the credits, and the decrease in the monthly income in the case Customers who at the end of the contract are over 70 years old.
There are also limits to the value of the credit in relation to the property given in the guarantee, advising the bank of Portugal that the ratio between the amount of the loan and the value of the property given under warranty has a limit of 90% for loans for own and permanent housing. That is, in such cases, the money borrowed for the purchase of home can be at most 90% of the value of the property given in warranty.
In the case of loans for the acquisition of real estate held by the banks themselves and for leasing real estate contracts can be lent the total value (100%) of the property under warranty.
In his address to the club, Faria de Oliveira criticised what he called agreements “of convenience” between political parties that “contain serious risks for the future” by delaying the resolution of important problems while appearing to resolve them “in the short term”, as he said happens in Portugal.
“In this political environment, in which it is difficult to form a majority [in parliament], where there is no culture of compromise, it is very difficult to generate stable political solutions and provide the necessary backdrop for sustained economic growth and for social progress,” he said. “And that is even more complex when, in governing agreements with a view to obtaining a parliamentary majority, there are parties who do not believe in or reject the market economy.”
That was a reference to the Left Bloc (BE) and Communist Party (PCP), which form part of the parliamentary support base for Portugal’s minority Socialist government. That is thanks to agreements signed after the October 2015 general election in which the centre-right Social Democrats won the most votes but whose programme for government was voted down in parliament.

ANE/ARO // ARO.
Lusa
Lusa/Fim


Agency : LUSA

Date : 2018-07-27 09:53:37







 

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