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Banks agree to two-year moratorium on evictions in cases of extreme hardship
By:
ThinkSpain , Monday, November 12, 2012

The Spanish Banking Association (AEB in its Spanish acronym) has today announced an agreement to put a stop to evictions for the next two years for "any case involving circumstances of extreme hardship".

The announcement comes three days after a woman in the Basque Country took her own life, just before she was due to be evicted from her home. A man in Granada, whose house was also due to be repossessed, also committed suicide last month.

In a press statement just released, the banking association explained that this agreement was the result of "lengthy and intense debate" by representatives of the associated banks and has come in response to "humanitarian issues" and in view of its policy of "social responsibility" and aims to "alleviate the vulnerable situation many people have found themselves in because of the recession". It is not clear how they will decide who the most vulnerable people are.

The AEB's decision has been conveyed to the Ministry of the Economy and the Bank of Spain.

The Spanish Banking association is a professional association established in 1977 and open to all Spanish and foreign banks operating in Spain. Even though the membership of the AEB is voluntary, the vast majority of banks operating in Spain are members of the association.

 
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