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The Portuguese Association of Banks (PDB) assured this Friday that it will be necessary to reflect the negative values of Euribor in home loan agreements, warning that this implies adaptations in the internal systems of the banks.
"Banks, of course, will apply the law and put into practice what it foresees Given the specificities of this system, its implementation requires adjustments in the internal systems of banks, especially in IT procedures, and every effort is made to ensure rapid implementation of these adaptations. "
The association pointed out that the law in question provides that, instead of immediately deducting negative interest on the principal amount of debt, banks may "opt for the creation of a claim in favor of customer, which will only be compensated when calculated interest rates will have positive values. "According to the PDB," borrowers will see reflected in the amount of payments to be paid, this new reality of "l & # 39; negative interest ", depending on the option that will be adopted by each bank."
For the association,
A diploma published Wednesday in the Diário da República stipulated that banks were required to think about housing loans the negative values of Euribor, having up to 30 July to review the calculation index of the interest rate of credits. "When the determination of the interest rate results in a negative value, this value should be reflected in credit agreements," reads the law published on the date of the Diário da República
. calculated amount must be deducted from the unpaid principal of the installment "and specifies that the published changes will apply to installments due on credit agreements outstanding at the time of their entry into force. To this end, the law established that "credit institutions exceptionally review the value of the index used to calculate the interest rate within ten days of the entry into force of this Act. ".
The regulations also set new rules for advertising this new interest rate calculation formula: "In the advertising of home-ownership contracts and in all commercial communications directed, directly or indirectly, to their promotion for commercialization, an express reference must be made to the possibility that the applied interest rate may be negative depending on the evolution of the indexer concerned. "
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