The old 'euribor' will continue to be the reference index of the mortgaged
It had to have come into force in 2017 after having suffered numerous delays.
The Euribor plus should have replaced the current Euribor as a mortgage reference. However, after many delays the reform has finally failed. The index, which was intended to be a faithful reflection of interbank operations, has finally been discarded.
"Under current market conditions it will not be feasible to evolve the current euríbor methodology to a fully transaction-based methodology following a seamless transition path," said EMMI released on Thursday, which also notes that the findings have been corroborated by the Belgian Financial Services and Markets Agency (FSMA), equivalent to the Spanish CNMV. The new index was intended to better reflect interbank operations.
Although it was meant to be a faithful reflection, the truth is that the experts considered that there would be no significant changes with the current one. Estefanía González, personal finance spokesman for Kelisto, explains that among the reasons for the failure of the euríbor is the fact that "the authorities responsible for its elaboration realized that it was not possible to make a transition to the new euríbor" uninterrupted. "The agency came to this conclusion after conducting a six-month trial involving 31 banks from 12 different countries, which found that the levels of the new Euribor based on actual figures would be very different from those of the current euríbor. Moreover, there would not be enough volume of daily transactions so that the calculation was sufficiently consistent ".
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