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Housing Credit: President of the Republic pronounces himself on interest rate increase

7 NOVEMBER 2022
Onderwerpen
Bancos Taxas de Juro Governo Inflação Negócios Imobiliários Taxa de Esforço Crédito Habitação BCE
The head of state says he is concerned about rising interest rates on mortgages that could affect 1.2 million families.
Housing Credit: President of the Republic pronounces himself on interest rate increase
Source: Pexels
Author: Redaction

Following the approval of the diploma that allows the population with housing credits to renegotiate the same, next to the financial entity that is in charge of the financing contract, the President of the Republic, Marcelo Rebelo de Sousa, pronounces on the rise in interest rates on housing credit and respective diploma. 

Last Friday, November 4, the President of the Republic admitted that he was concerned about the rise in interest rates on home loans that could affect 1.2 million families. He added that this increase is not small considering families with low incomes. 

"It worries me that, however small the rise in interest rates on home loans may be, there are one million and 200 thousand households affected and it is clear that it may be a small amount if the instalment is small, but 50, 60, 80 or 100 euros is not [an amount] that small for those on low incomes" - President of the Republic, Marcelo Rebelo de Sousa.

The President of the Republic admitted that he will not make any kind of comment on the diploma approved by the Government that provides renegotiation measures for housing credit contracts until he sees the law. - "I haven't seen the diploma, it has to be seen very carefully. A diploma like this has many consequences and has many facets. I will not comment until I see the law" - Marcelo Rebelo de Sousa at the Web Summit. 

The law provides to regulate the renegotiation process between the financial entities and their respective customers with credit contracts own and permanent housing. 

When asked about the rise in interest rates, he admits that he will not discuss "guidelines" for monetary policy, stressing that "it is the ECB that decides" and that "national banks do not have autonomy today".  

According to the Head of State, "inflation started to rise from the beginning of the year and took a leap since the war, starting in March, and there were two possible paths. One was to raise interest rates moderately, the other was not to raise them at all, to leave them for later and then suddenly have to raise them enormously. The European Central Bank did not want to follow the first path, it wanted to wait for the summer, understanding that it was not necessary to raise interest rates. Then, when it did, it had to raise it from eight to 80". 

He ended his statement by saying that "now there is no point crying over spilt milk. This is reality, let's see how this reality is dealt with," he said, adding that "only one day later will it be known whether it would have been worth starting earlier [the rise in interest rates] and conducting this in another way, or whether it had to be like this, wait and do what was done.
Onderwerpen
Bancos Taxas de Juro Governo Inflação Negócios Imobiliários Taxa de Esforço Crédito Habitação BCE
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