The new mortgage law: more deadlines for default and goodbye to the bonuses for selling more mortgages

  • The community directive that extends the term of non-payment of mortgage bills before its execution, which until now was three months, is transposed.
  • It also lowers the cost of moving to the mortgage to another currency, to another interest rate or for an early repayment.
  • Banks will be prohibited from offering incentives to their workers for the granting of a certain number of contracts.


The Government approved this Friday the Council of Ministers Bill Real Estate Credit, which states that banks cannot determine the early maturity of a mortgage until the default by the consumer assumes 2% of the loan, including interest, or reach nine installments during the first half of the contract.

As for the second half of the contract, the limit is set at 4% of the loan or twelve monthly payments. In this way, the Government establishes a threshold from which the bank can decree the early expiration of a loan and execute the mortgage since with the current system it is possible to overcome the loan early from the third month of default.

According to the Ministry of Economy, the norm has a “broad political consensus” and from now on, the parliamentary process for approval begins. This norm should have been approved before March 2016 but has been delayed due to the situation of the Government in functions last year and the tensions with Catalonia, explained the Minister of Economy, Industry, and Competitiveness, Luis de Guindos.

In addition, the bill aims to facilitate the conversion of the mortgage loan in foreign currency to another currency, as well as the change of mortgage loan with variable interest to fixed interest. In this last case, the maximum commission for early repayment for a novation or change of entity in which a fixed rate is agreed will be 0.25% in the first three years and thereafter it will disappear.

On the other hand, in the case of mortgages at a variable rate, the commission for early repayment will be zero as of the fifth or third year of the contrary, depending on the agreement. In the case that it is five years, the limit will be 0.25% of the capital paid in advance, while if it is agreed for three years, it will be limited to 0.5%. The commission will always be applied on amortized capital at the time of presentation of the draft bill. In any case, the compensation to the entity may not exceed its financial loss.

As for fixed-rate loans, the early repayment fee will be 4% maximum in the first ten years and 3% thereafter. Thus, it is considered that the risk is greater for the bank in the case of a fixed rate loan than in the case of a variable rate loan- Payday Now.

On the other hand, the standard includes the possibility for both parties to voluntarily adhere to a standard contract in which the fundamental clauses of the contract are established. This reform applies to all natural persons, that is, those who carry out business activities, such as the self-employed, are included.

The rest of measures

The rest of measures



There cannot be bonuses for selling many mortgages. The new norm will demand that the intervenors in the granting of a mortgage credit have a professionalization and a training to offer all the information required to the consumer and evaluate their solvency situation while prohibiting the banks from offering incentives to their workers for the granting of a certain number of contracts.

It will not be forced to contract other products. On the other hand, it is prohibited to offer the linked sale of products with mortgages, as in the case of home insurance, except for exceptions authorized by the Bank of Spain or if it is proven that they benefit the consumer. That is, operations in which it is only possible to contract the mortgage loan if it is done together with a series of products are not allowed. Combined sales are allowed, in which the consumer has the option to contract the loan separately or with a group of products. In this case, the entity is obliged to submit two budgets, one that includes the products that are marketed with the mortgage and another without them.

Information before signing. In addition, when signing a mortgage loan, the consumer must receive seven days in advance of the date of signature of the contract by the bank not only a standardized information sheet with the main characteristics of the contract, but also another Standardized with warnings in which sensitive clauses are included, such as floor clauses. This file should include estimates with different scenarios of variable rates, a copy of the contract and information on which part should pay each mortgage expense. The rule does not establish to whom each expense corresponds, but both parties must agree to it.

In these seven days, the consumer must go to the notary of his choice, who will verify that he has been given all the mandatory information and that has been done in time while answering all the questions he asks and will explain the sensitive clauses of the contract. The borrower must sign a notarial deed, which will be free for the borrower, in which he shows that he knows all the necessary information. Later, the consumer will go with the bank to sign the contract before a notary and both the registrar and the registrar can not authorize the signing of the deed if all the obligations are not fulfilled or if the contract has clauses considered abusive by final judgments.

Board will authorize indebtedness up to 150 million EPSA, up to 215 Metro Granada, and increases the volume to RTVA and Aopja

Authorize disposals of buildings to EPSA and RTVA for an amount exceeding 20 million

The Junta de Andalucía will authorize, through the Ministry of Finance and Public Administration, the establishment of indebtedness operations and long-term loans for the Public Land Company of Andalusia (EPSA) up to the limit of 150 million euros; up to 215.5 million for Metro de Granada SA, and RTVA or the Public Works Agency of the Board (Aopja), in both cases for a volume higher than the Annual Indebtedness Program agreed between the Board and the State.

As contemplated in its budget project of the Andalusian Community for 2013, consulted by Europa Press, the debt operations of the Andalusian public sector, for this next year will empower the Public Land Company of Andalusia (EPSA) to borrow with public or private financial entities up to the limit of 150 million euros for the fulfillment of their purposes, while the commercial company Metro de Granada SA will be empowered to arrange long-term debt operations up to the limit of 215.5 million euros. euros with the European Investment Bank and other public and private entities.

Likewise, during 2013 the Public Works Agency of the Junta de Andalucía and the Public Business Agency of Radio and Television of Andalusia (RTVA) will be authorized to formalize loans with public or private financial institutions for a volume of indebtedness “greater than that contemplated in the Annual Indebtedness Program agreed between the Board and the State for them, conditioned to the fact that at the close of each fiscal year the outstanding balance of the debt of each one of these entities does not exceed the limit set by the Treasury “.

Other agencies ,

Short-term credits and treasury

As for the rest of the agencies, such as the Public Ports of Andalusia Agency, the Costa del Sol Public Health Business Agency, the Public Health Business Agency of the Poniente de Almería Hospital, the Alto Guadalquivir Hospital Public Healthcare Agency, the Guadalquivir Public Health Enterprise Agency, Empresa Public Health Emergency, Agency of Innovation and Development of Andalusia, Andalusian Agency of Energy, Andalusian Agency of Cultural Institutions, Andalusian Agency for International Development Cooperation, Andalusian Institute of Historical Heritage, Andalusian Agency of Knowledge, Agency for Social Services and Dependency of Andalusia, Agency of Environment and Water of Andalusia and Andalusian Public Entity of Infrastructures and Educational Services, will be authorized to carry out credit operations for a period of less than one year, in order to “cover their transitory needs of treasury”.

In this case, the limit of the indebtedness due to operations of this nature “will be a maximum of 12 percent of the total of their operating budgets”.

In the case of special regime agencies, they are also authorized to carry out credit operations for a period of less than one year, in order to “cover their transitory cash requirements”. The limit of the indebtedness alive for operations of this nature will also be a maximum of 12 percent of their budgets.

The mercantile companies, the consortiums and the foundations of the Andalusian public sector “must request prior authorization from the person holding the Ministry of Finance and Public Administration to arrange debt operations”.

The draft budget provides that the maximum volume to be authorized by the Ministry of Finance and Public Administration for all these operations “will be within the limits of the Annual Indebtedness Program agreed between the Junta de Andalucía and the State”, although it notes that “exceptionally When there are reasons that justify it, during the year a volume of indebtedness higher than that contemplated in the program may be authorized, although at the end of the fiscal year, necessarily, the outstanding debt must be within said limits “.

They must send to the General Directorate of Treasury and Public Debt of the Ministry of Finance and Public Administration, on a quarterly basis, information regarding the situation of their indebtedness, the special regime agencies and the public business agencies of the Board, the mercantile companies of the Andalusian public sector, consortiums and foundations, commercial companies, foundations, consortiums, public universities.


Disposal of real estate or

Sale and leaseback

On the other hand, the budget project provides authorization to the Ministry of Finance for the direct transfer and for consideration of real estate, whatever its value, authorized by the Governing Council during the 2013 financial year.

Likewise, the instrumental entities of the Junta de Andalucía are authorized for the necessary indebtedness and, as the case may be, for the granting of guarantee by the Board for the acquisition of the aforementioned properties. “

It authorizes the conclusion of leases of up to 35 years by the Ministry responsible for the Treasury for the use, by the various ministries and entities of public law linked or dependent, of the alienated property.

Likewise, an authorization is expressly established for the direct transfer and for consideration of real estate assets of the Autonomous Community of Andalusia, for an amount exceeding 20 million euros, to EPSA, for the fulfillment of its purposes.

It also authorizes the Public Enterprise Agency of Radio and Television of Andalusia (RTVA) for the direct sale for consideration of real estate of ownership for an amount exceeding 20 million euros, as well as for the transfer of shares for a higher amount to 15 million euros.

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The Government plans to create a 'bad bank' to clean up the bank, after months denying it

  • De Guindos: "The rescue will not be linked to more macroeconomic adjustments"
  • The FROB will act as an "intermediary" of the banking assistance.
  • The entities that request the rescue will have to segregate their toxic assets.
  • The minister will appear before the end of July to explain the details.
  • The PSOE: "Nobody understands Rajoy when he talks about crisis, the euro" …

After months of denying the possibility, the Government described Tuesday as an "interesting alternative" the creation of the so-called "bad bank" . With this option, in theory, the entities intervened or that receive assistance from the FROB – which will manage the rescue of up to 100,000 million requested to the EU on Monday – will be able to transfer their impaired assets to an external instrument, thereby reorganizing their balance sheets.

The plan is negotiated these days between Spain and the EU. The idea of ​​the Minister of Economy, Luis De Guindos would go through the use of the bailout to buy toxic assets to the banks in exchange for a credible restructuring plan. And is that the markets distrust the Spanish financial system, as demonstrated yesterday by the rating agency Moody's, which lowered its rating massively.

De Guindos plans to use the bailout to buy toxic assets from banks . What are the risks that investors see? The main ones, " a monstrous exposure to the construction sector , the loans granted to companies that in turn have a lot of land and an incipient bubble of sovereign debt," says Daniel Lacalle, fund manager in London.

In his opinion, the solution can not be done with hot packs or in the short term, and he is committed to opening the sector to both European and foreign investors . Another banking news spoke of mergers: the shareholders of Banca Cívica (Cajasol, Caja Navarra, Caja Burgos and Caja Canarias) approved yesterday in an extraordinary meeting their merger by absorption with Caixabank, whose board also gave the green light to the operation yesterday.

De Guindos, in Congress

Minister De Guindos assured that the aid to the bank "will not be linked to a program of macroeconomic adjustments , nor will new fiscal measures be imposed", although he has acknowledged that our country will continue taking measures to fulfill its commitments due to its excessive deficit.

De Guindos has appeared on the Economy Committee of the Congress at his own request, to explain the rescue of the bank, requested after the official request made by the Executive on Monday.

The funds will be from the European Rescue Fund or the permanent mechanism that is not yet in force. The minister explained that the FROB will act as an "intermediary" for this assistance to Spanish banks, and that Spain will guarantee the return of the rescue. What remains to be clarified by the Government is where the European funds will come from: "The funds will be contributed by the European Rescue Fund or by the permanent mechanism that is not yet in force." We must remember that the Spanish Executive has fought for the rescue to go directly from the European institutions to the banks, to avoid weighing on the national debt.

De Guindos also stressed that this plan has had the solid and unanimous support of the European Union and the International Monetary Fund (IMF), which although not participate in the loan, has been called to evaluate the process, "what provides security and transparency ", according to the minister.

The main voice of the Executive in economic matters has also referred to the external audits carried out on the Spanish financial sector, which were presented last Thursday. For De Guindos, these reports prove that the sector is "healthy" and that the problems are concentrated in a small group of entities, which have already been helped or intervened by the FROB.

We must remember that these reports, made by the firms Oliver Wyman and Roland Berger, established a fork of between 51,000 and 62,000 million the needs of Spanish banks. The Spanish government requested aid whose amount should be based on these reports, plus a margin in case the conditions were worse than expected.

De Guindos has promised to return to Congress before the end of July The Minister of Economy has "committed" to reappear in Congress to explain all the details of the rescue of the banking that are in the air, "before the end of July".

On the upcoming EU summit, which everyone expects will be a turning point in the management of the crisis in the euro zone, De Guindos has assured that "we are playing a very important part of the future of the euro."

The fault is Zapatero

The minister has also returned to bear the blame for the economic situation of the country and the Spanish financial sector to the performance of the former executive, chaired by José Luis Rodríguez Zapatero.

According to De Guindos, because the government came to power and found that in the past there were "very serious errors that are now being corrected so that they do not happen again."

There were very serious mistakes that are now being corrected De Guindos recalled that from 2003 to 2009, the credit in Spain went from 800,000 million to 1,85 billion, that is, it grew much faster than the economy.

But in addition, the same happened with the credits for real estate development, from 78,000 million to 325,000 million; or with dependence on external financing.

In the last eight years, Spain's external net debt has almost quintupled and there has been an accelerated growth of credit that has generated an unprecedented bubble with money from abroad, de Guindos has criticized.

For that reason, in his opinion, in the future it will be necessary to redouble attention and control the "excessive" growth of credit , the formation of bubbles or the high dependence of the entities on external financing.

"A way of the cross"

For his part, the spokesman in the commission of the PSOE, Valeriano Gómez has responded to De Guindos that this proposal "is late" and has asked, again, that President Mariano Rajoy explain these measures in Congress. "The president's playing field is the Congress", assured Gómez.

Gomez has shared the situation in Spain with a "via crucis" that is too long "to maintain the political, economic and social integrity of this country."

The socialist spokesman has criticized the erratic communication policy of the Government. " Nobody understands Mr. Rajoy when he talks about the crisis of the Euro , of Europe or of the aid to the bank, neither you, nor we, nor the Spaniards, nor our European partners", has attacked Gómez.

The former Minister of Labor blamed the government that when requesting the audits of banks from foreign companies, they had sunk the image of the Bank of Spain (BCE). De Guindos has responded that this executive and this minister "have never undermined the presidency and solvency of the ECB , we believe it is a fundamental institution".

All the political groups have regretted that the minister's appearance came two weeks after having agreed with the European partners to rescue the bank.

  • Luis De Guindos

    The Spanish Minister of Economy, Luis de Guindos, speaks to the press in Los Cabos, Mexico. (ALEJANDRO BOLÍVAR / EFE)

    "> Luis De Guindos

  • Needs of banking

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  • Rescue of banking

Baleares has 398 million euros pending payment and a treasury availability of 150 million

Baleares has 398 million euros pending payment and a treasury availability of 150 million

Marí: "Today we are a little better than in 2011 but we have to continue working"

Baleares has, as of May 31, 2015, a total of 398 million euros pending payment "compared to 1,561 million euros in 2011", as revealed this Wednesday by the acting Minister of Finance and Budgets, José Vicente Marí, who, on the other hand, has indicated that, covered this June, the treasury availability of the Islands will be 150.1 million euros.

"The results allow us to say that today we are a little better than in 2011," said Marí, who, however, added that Baleares is not in a situation of "fireworks", so we must continue working. "We have gone from a negative evolution of income to a positive evolution of the income of the community," he added.

Specifically, of the 398 million euros pending payment, the councilor has detailed that 169.1 million correspond to the Consells Insulars -144 million of them advances; 19.6 million euros to other institutions; 21.6 million to suppliers and other creditors in the community; 144.3 million to suppliers and other creditors of IbSalut and 22.1 million to suppliers of public companies. However, he added that many of these amounts correspond to the monthly payments in progress.

Regarding the balance of 150.1 million expected cash availability to June of this year, Marí has ​​indicated that at 31 May the balance was 191.4 million, but that, between the income and expected payments, the figure was it will be 150.1 million.

Meanwhile, SEC and non-SEC debt, as of May 30, is expected to be 8,434 million euros, including the Tax Agency policy and the 350 million euros arranged by the general administration and SEC entities.

This indebtedness -SEC and not SEC- corresponds to 54.5% to the State, 5.9% in the short term, 31.6% to loans and 8% to emissions.

"the indebtedness ,

The main imbalance "

"Indebtedness is the main imbalance in the public accounts of the Balearic Islands," said Marí, who has specified that this has increased by 60% during this term because "we had to incorporate 1,600 million of commercial debt and has become financial" . "The new indebtedness of the Balearic Islands corresponds to the deficits that the community has incurred each year, while liquidating budgets with deficit indebtedness will continue," he explained.

Regarding the average payment period, this is 54.18 days for the regional administration, since in health it reaches 71.02 days, in education at 17.5, in social services it is paid per day (-1, 19) and at 15.53 in the rest.

Marí pointed out that an adjustment has been made in spending of 617 million euros, an increase in revenues of 236 million euros and that the public deficit has been reduced by 853 million euros.

Forecast of growth superior to 3%

The economic growth rate was 1.9% in 2014 and the forecast for 2015 is to exceed 3%. For this reason, it has considered that "a path of fiscal consolidation and reforms has been made that, far from deepening the revision, has returned the community to economic growth and the generation of employment".

In addition, he pointed out that it has gone from a debt needs of around 1,000 or 1,300 million to a range of between 350 and 450 million euros. Accompanied by the general directors of Budgets and Financing and the Treasury, Financial Policy and Patrimony, Antoni Costa and Miquel Miralles, Marí has ​​said that reducing that deficit "only leads us to maintain ourselves, which means being the last ones in spending on education and health "

On tax revenues, has admitted that is not yet at levels "pre-crisis" on the taxes managed by the community.

In this sense, the acting conseller has stated that the increase in revenue in 2014 compared to the previous year was 17.01% and that for 2015 they have "prudently" foreseen a rise of 4.32%. However, the variation of 2014-2015 in May is already 14.52%, so the increase is expected to be "much higher" than the 4.32% budgeted.

On the tax revenues derived from the financing system, it has highlighted the "step forward" that there was in 2009 "of the order of 300 million euros", as well as that "this legislature the revenues from the financing system have been over 2,000 million "

"Our obsession has been to look to make things and make decisions with sense, looking not to sell motorcycles, to accompany the effort of citizenship being faithful and being up to the effort, making complicated decisions and always thinking that benefited a lot more people, the results allow us to say that today we are a little better than in 2011, we have made a road, it is not the end of the road, the community must continue to make a road, "he said before highlighting the importance of modifying the system of regional financing.

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The full council of Jaén approves the refinancing of five loans totaling 12.5 million euros

  • The plenary session of the City council of Jaén has approved this Monday the refinancing of 12,5 million Euros, thanks to the non-attached councilors. The yes of one of them and the abstention of the other two has allowed the government team (PP) to take it forward against the PSOE and Jaen in Common (JeC).
Extraordinary plenary session of the City Council of Jaén on the refinancing of loans. EUROPA PRESS / JAÉN CITY COUNCIL

The session, of extraordinary nature, has barely lasted 50 minutes with a grouped debate on the five operations of as many credits, which are part of the mechanism of the Fund for Town Councils in financial risk foreseen by the Ministry of Finance.

Councilor for Finance and Recruitment, Manuel Bonilla, justified the urgency of the plenary precisely to include it in the aforementioned tool of the Government and explained that, along with others, were collected in the fund of 2015, although they did not get signed because “the conditions did not fit expressly” to those indicated in the plenary session.

In this way, it has “taken almost a year to negotiate” with the two financial entities and they now come with the “approval of the Intervention for being in financial prudence”, which means that it is going to “save a significant amount” . The amortization periods are around ten years and, in addition, default interest “will not be paid”, but “we are forgiven”, so that it only affects “ordinary interests, which are recapitalized by the refinancing instrument. “


The non-attached councilor Iván Martínez has recognized the work of Bonilla and has considered before the operations that, “like it more or less, it continues looking for solutions to the difficult situation” municipal. It has indicated that “one of the basic points” in the economic and financial plan was the refinancing of this type of operations, “even more those of short to long term”. “It is good management to get liquidity,” he said to add that will mean “savings of more than three million euros in interest,” so there is “little discussion about it.”

Victor Santiago, on his side, has considered that “everything to save interest and postpone more debts in accounting is positive”, although he said “it is not that the city can not have investments being” nothing more than paying loans and interest. “In a nutshell, he defended that” something more is required, a long-term vision and policies at a general level that allow us to do something more “for Jaén.

From JeC, his spokesman, Manuel Montejo, has stopped in two details of the operations that do not convince them and that the comptroller gathers in his report on the convenience or not of refinancing a loan already expired and another one that “only has one quarterly “.



In any case, has questioned the “usefulness and covenience of these operations alone,” to understand that the City “can not be limited” to this type of policies that do not lead to “nothing” and that are “lengthen and lengthen a disaster “without any” solution “. In this sense and even “recognizing the effort” of the head of the Treasury, has stressed that the municipal situation “is not going to solve repeating the same policies” and continue refinancing is “the whiting that bites the tail.”

For the PSOE deputy spokesperson, Mercedes Gámez, “they are not short-term operations”, but “long they are longer term”, point where they have specified that “they are between 20 and almost 30 years old”. He has said that they are going to “increase the financial burden” of the Consistory, to which he has joined doubts about the two previously mentioned operations also indicated by JeC as well as “what happens with the interests of delay”.

In his opinion, equally, will not affect “nothing” for the city, but “they are simply time for you (in reference to the PP) until the next elections come.” He regretted that “time passes as it passes through the budget”, which is still pending and each month is said to be delayed the next, but still waiting as expected “the real plan of sanitation” of the City.

So things, the refinancing operations amounting to about 12.5 million euros have gone ahead with the affirmative vote of the PP and not attached councilor Iván Martínez, while Víctor Santiago and Anguita Health have abstained. Both PSOE and Jaén in Common have voted no.

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Independent fee-based advice: focus on insurance advisors News always well informed
At the Federal Association of Insurance Consultants e. V., there are currently almost 280 insurance advisors registered. In an interview with Stefan Albers, president of the professional representation, explains what services the insurance consultants offer and what costs consumers have
Versicherungsberater bieten unabhängigen Rat
Neutral insurance advice on a fee basis

If you are looking for the advice of an independent specialist in insurance matters, you can contact an insurance advisor. Nationwide, there are currently about 280 professionals who offer insurance advice on a fee basis. Above all, they differ from other insurance experts, such as insurance agents or insurance brokers, in one important aspect: the customer has to pay for their advice. He can expect a neutral council for that.

Independent advisor on insurance issues

The consultation of an insurance advisor can be useful both before and after the conclusion of insurance contracts, says Stefan Albers of the Federal Association of Insurance Advisors e. V. (BVVB). In an interview with, the president of the professional representation of insurance advisors recommends consulting before concluding a contract. Thus, “possibly insufficient or uneconomic contracts” can be avoided, so Albers. For what distinguishes the insurance advisor: He must in no way be in financial or economic dependence on companies or persons in which fees or commissions are paid in the insurance brokerage.

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“Insurance consulting is legal advice”

Due to its independence, the insurance consultant can look after and represent his client vis-à-vis the insurance industry – in the exclusive interest of the client, explains Albers. The specialist can assist in the agreement, amendment and review of insurance contracts. In addition, he may provide legal advice, if it is in the insurance case to the perception of claims under a contract. “Insurance consulting is legal advice,” says Albers. However: “The insurance advisor may only act out of court. In legal action, he supports the relevant lawyer with expert opinions. “

How to recognize an insurance advisor?

An insurance advisor must have taken at least the exam as an insurance specialist (BWV). “However, this admission requirement is far from sufficient in practice for providing legal advice,” explains Albers. Insurance advisers require a license from the relevant Chamber of Commerce and Industry for their advisory activities in accordance with § 34e (1) of the Industrial Code. For example, those interested in consulting can find out in the imprint of a provider or on their business card whether the expert is an independent and neutral advisor. In addition, insurance advisors are characterized by their affiliation to the BVVB, so Albers. These result in certain professional duties for the insurance advisor, which largely correspond to the regulations on the practice of the profession and the professional duties of lawyers.

What is the cost of insurance advice?

Legislators require insurance advisers not to receive commission from insurance companies. The advice is therefore for a fee, which the customer must pay. “The fee is calculated in line with the lawyers’ remuneration law often after hourly rates in the amount of gross about 150 euros per hour,” says Albers. Incidentally, the insurance consultant can be held liable for any wrong advice. For this reason, the BVVB members must adequately insure themselves against the liability risks arising from their employment. According to Albers, the experts have to protect themselves in terms of liability for a wrong advice with a sum insured of 1,230,000 euros for each insured event and 1,850,000 euros for all insured events of a year.

Inmobiliaria del Sur approves its 2011 accounts and plans to complete its financial restructuring in weeks

Inmobiliaria del Sur approved this Saturday its accounts for the year 2011, when it registered a turnover of 42.96 million euros, an Ebitda of 19.14 million euros and a net profit of 4.36 million euros, and where the group's president, Ricardo Pumar, has announced that shortly, specifically in a matter of weeks, the transformation of its financial structure will culminate, which will make it possible to convert corporate financing, in the short and medium term, into very long-term financing. term, which gives it "great financial stability".

Inmobiliaria del Sur approved this Saturday its accounts for the year 2011, when it registered a turnover of 42.96 million euros, an Ebitda of 19.14 million euros and a net profit of 4.36 million euros, and where the group's president, Ricardo Pumar, has announced that shortly, specifically in a matter of weeks, the transformation of its financial structure will culminate, which will make it possible to convert corporate financing, in the short and medium term, into very long-term financing. term, which gives it "great financial stability".


At the general meeting of shareholders, held in Seville, the annual accounts and the management of the board of directors for the year 2011 have been approved, the application of the result, which includes a dividend distribution of 0.14 euros per share, the re-election of Deloitte to verify the annual accounts for 2012, the re-election for a term of five years of three proprietary directors, the ratification of the creation of the corporate website as the electronic site, the modification of certain articles of the bylaws and the regulation of the general meeting to adapt them to the latest amendments introduced in the Capital Companies Law, in addition to the annual report on the remuneration of directors and the authorization for the derivative acquisition of own shares.

The CEO, Francisco Pumar, in his report on activities, highlighted the group's key figures for the year 2011, highlighting a turnover of 42.96 million euros, an Ebitda of 19.14 million – of which 74 percent came from the property business-, a net profit of 4.36 million, a GAV or gross value of the assets for an amount of 603.27 million euros, a net financial debt of 194.02 million euros and an LTV or loan / asset value ratio of 32.1 percent.

Francisco Pumar explained the main figures and parameters of the company's activities, the situation of the different investee companies and reviewed the promotions that the company has underway and those that will begin in the coming months.

Both Francisco and Ricardo Pumar have explained the process of "deep" transformation of the company's financial structure, which began at the end of 2011, consisting of converting all corporate financing, until then instrumented in medium-term loans and insurance policies. short-term credit, in very long-term loans, with mortgage guarantee on real estate investments.

Ricardo Pumar stressed that this process "is about to conclude and close the last fringes", having already formalized nine of the 10 operations planned with various financial institutions, with a volume of 91 million euros over the 103 million planned, about terms that range between 15 and 21 years, terms that grant "a great tranquility and financial stability and denote the extraordinary confidence of the financial system in the future of the group."

For Pumar, which states that the tenth operation will be completed "in weeks", this process demonstrates "the financial strength of the group", after which he explained that these are bilateral operations "following a closed and common pattern, with some small differences in each operation. "

The president of the group emphasizes that this fact joins the capacity to generate resources and the "important" volume of assets that keep free of charges and encumbrances, that is, "50 percent of its assets destined to leases and own use, valued at 449.1 million and 34.36 million euros of land and promotions in progress ", in addition to the" important treasury "they have, amounting to 27 million euros. In his opinion, all this "gives the group extraordinary financial stability and the possibility to access and face new investments and business opportunities."

Ricardo Pumar stressed in his final speech that "despite the deep and lasting crisis that the Spanish economy in general and the real estate sector in particular, the Real Estate Group of the South has demonstrated, once again, the strength of its model of business, with a strong patrimonial component, which allows it to resist this serious situation, generating positive results and distributing dividends ".

Pumar has highlighted the reduction of personnel expenses by eight percent and the reduction of other operating expenses by 14 percent, the improvement of the negative financial result by 20 percent and the reduction of financial debt in a nine percent, for a total amount of 19.1 million euros, which together with the reduction of the previous year, totals a debt reduction of 42 million in absolute terms, and 25 percent in relative terms.

The president of the group is "hopeful" in a recovery of the real estate sector "to the sound of the Spanish economy," although he acknowledges that it will be "slow".

He also pointed out that "the negative overreaction of the markets, especially in the real estate sector and its generalization over the whole sector, had severely penalized the share price, to the point that the stock traded today four times below its fundamentals. ", after what has been said that" there is no doubt that, when the tempest abates, the share price will return in the place that corresponds ".

Collaboration with financial entities

He concluded by pointing out that the future market and real estate sector "will be very different from the one we had known, smaller but with fewer operators and that the reform of the financial sector opens a wide field of opportunities for solvent and professional operators, operators that financial entities They need to collaborate in the complex management of foreclosed real estate assets. "

At that point, he stressed that Inmobiliaria del Sur "is one of those operators that banks need", because the company "has a solid financial structure, a proven experience in the promotion and construction of quality buildings, a great brand image. and most importantly, it has a great human team, prepared and involved with the objectives and strategies of the company. "

Thus, stresses that in the collaboration with the bank "open a range with many possibilities" and has specified that with a national financial institution is marketing the promotion of 87 homes in Dos Hermanas through an operation in contribution with that entity.

In this way, according to Pumar, Inmobiliaria del Sur may, as a developer, promoter and marketer, "or negotiate that the bank contributes a floor and grants financing for the promotion and at the end the group delivers the finished product for a value equivalent to the value of the land they have contributed, and all this with good financing conditions for the buyer, or also Inmobiliaria del Sur is willing to finish the houses that the bank had under construction and were standing. "

Future projects

Ricardo Pumar has specified that the promotion of 97 homes in Tomares, which are "practically sold", will be completed; another one has begun in Tomares of 39 houses and the construction of another 78 houses in Seville has begun

He recalled the houses in Dos Hermanas through collaboration with a financial institution and has specified that he has purchased a plot of land in Córdoba for the promotion of 66 homes. It is also promoting 14 semi-detached homes in Tomares, where construction has also begun on a multi-purpose building of 15,000 square meters, which will include offices and commercial premises.

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Several mayors investigated for the FMC bonuses return the money

  • The mayors CiU and ERC and one of the PSC have already done so, while a popular and an ecosocialist will do it only if irregularities are shown.
  • They feel cheated because they believed that the Federation paid them for their work.
  • It took 4 months to inform them that an opinion questioned the payments.
  • A total of 44 mayors are investigated for the alleged collection of bonuses.
Joan Mora

The mayor of Mataró, Joan Mora, shows his certificate of income of the Federation of Municipalities of Catalonia after the controversy of the bonuses. JORDI PUJOLAR / ACN

Some of the mayors and former mayors investigated by the collection of bonuses of the Federation of Municipalities of Catalonia have defended this Friday because they did not know that they received the money in concept of diets. They feel cheated and have a clear conscience although some of them have opted to return the money while waiting for the case to be resolved and others have said they will if the irregularities are proven. According to Catalunya Ràdio, the Prosecutor's Office will request that the 44 mayors be named as imputed.

They say they feel betrayed by the Federation of Municipalities The five mayors and former mayors of CiU involved have sent letters to the entity where they announce that they return in a prudent manner the money collected through an attached nominative check . This is the mayor of Mataró, Joan Mora; that of Sant Quirze del Vallès, Montserrat Mundi; the one from Matadepera (Barcelona), Mireia Solsona; the one from Reus, Carles Pellicer, and the former mayor of Riudecanyes (Tarragona), Josep Maria Tost.

In the letter, they deny that they were informed that these payments were received as per diets. " I was always considered as a compensation associated with the position and I was never required to provide documentary proof of expenses," they write in their letters. Likewise, they denounce that the Federation did not inform them that a February ruling questioned these payments.

It took four months to inform them that an opinion questioned the payments "I can not understand the reasons why I was not informed of the existence of this report and, more importantly, that there was a legal controversy over the correction of the aforementioned diets " , the mayors argue. It was not until June 30 that the Federation called them to a meeting to inform them of the opinion on the perceptions. All of them, who defend that they scrupulously fulfilled all the duties associated with their responsibilities, ask for explanations from the Federation to clarify this situation.

In addition, they plan to withdraw from the FMC "until responsibilities are cleared, explanations and guarantees are given on the situation." The continuity of the general secretary of the entity, Adolfo Moreno, is also raised. " We must separate the rotten apples that may be, but we can not put everyone in the same bag, " said the mayor of Mataró. Precisely, the executive committee of the Federation will meet this Friday afternoon.

ERC will assess the reason for the existence of two municipal organizations They have also returned the money ERC mayors, as reported by the party in a statement, which explains that has asked the FMC to clarify and determine the nature of the perceptions that they reintegrate and their legal destiny. The republican mayors will study the need to rethink the structures of support to the municipal world and will value their continuity in the FMC, as well as the reason for the existence of two municipal organizations.

One of them is Solsona (Lleida), David Rodríguez, who holds the vice presidency of the FMC and who received 600 euros a month for a year, as he believed, for his responsibilities and his work representing the entity. He has assured that he has "nothing to hide" because he has always acted "correctly". "When I entered, I did not question the compensation system because I trusted the legal services of the entity," admitted the Republican, who has promised to explain to the residents of the municipality when he has all the information.

Different reactions

The mayor of Tiana (Barcelona), the socialist Esther Pujol, announced that the judge who instructed the case "has the 3,333 euros collected during a year formalized and deposited at your disposal", in case the irregularities are proven. She is the first mayor of the PSC who returns the money although she understands that she received it as compensation for her work.

Some people are opposed to returning the money while the irregularities are not shown " I have nothing to hide and I have always acted correctly , my agenda is open, and it includes the attendance to the monthly executive committees, meetings of the subject in which I am responsible , activities of institutional representation and others that may derive from the defense of the interests in the field of the Catalan sports world, "he added.

On the other hand, the mayor of Castelldefels (Barcelona), Manuel Reyes -one of the two PP mayors involved together with Pontons (Barcelona), Lluís Caldenteny-, has announced that he will return the 5,000 euros he received from the Federation "if they prove irregularities . " Although he has not wanted to value the research, he has assured that throughout his political career he has always worked in a "legal and clear" manner. The ex-mayor of Molins de Rei (Barcelona), the eco-socialist Iván Arcás, does not intend to return the money if there are no irregularities in the understanding that doing so would mean admitting them.

Without proof of payments

For his part, the also socialist Josep Fèlix Ballesteros, mayor of Tarragona, has presented a document from the Federation in which the general secretary of the association certifies that "no remuneration has been paid to Ballesteros during the years 2011 and 2012" . Thus, has denied categorically, as he did on Thursday with a folio of the police report -where he says that in the documentation and accounting seized on November 27, 2012 the transfers to the mayor have not been located-, have received bonuses. "If someone, in this ceremony of confusion, wants to put me in the middle, I announce that I will take legal action to defend myself," he warned.

The mayors of Trmps and Tarragona deny having received any payment The mayor of Tremp, Víctor Orrit (PSC), has also assured that "he has not received a single euro in terms of allowances or displacement ." To justify it attached the document of the Mossos d'Esquadra which ensures that it is clear that there has been no transfer from the FMC to the mayor despite the fact that on Thursday it was reported that he had charged 2,244 euros. In this document, he also denies proof of economic transfers "towards Mollerussa (Teresa Ginestà is supposed), Llorenç Artigas Planas, Josep Fèlix Ballesteros and Víctor Orrit".

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  • Operation Mercury

Apple’s paradox: sell less iPhone but earn more money

Apple continues to earn huge amounts of money but the iPhone has had a small tripping of sales

By Juan Castromil @castromil,


No doubt Apple has had a complicated year. Neither the launch of the iPhone 8 nor the iPhone X seems to have gone according to their plans. However, the revenues and profits of the last quarter of 2017 have been better than ever.

ap keynote 2017 wrap up tim jony iphone

The iPhone 8 had a bad launch eclipsed by the iPhone X that would sell weeks later. And the iPhone X had less sales than expected due to its high price and lack of supply in the first weeks. The result is that Apple has sold 77.3 million iPhones, slightly less iPhone than the previous quarter. Despite what may seem is not a catastrophe, it has only been 1% less.

iPhone X, video analysis testing Face ID, animojis and the OLED screen with eyebrow


The surprising thing is that despite this, they have entered and earned more money, largely because the average price of the iPhone has risen sharply to $ 796 (the previous quarter was just over 600). Just remember that the iPhone X is the first iPhone to overcome the barrier of 1,000 euros and stays at the door if we talk in dollars ($ 999 without counting taxes). So the equation has been “less iPhone x higher price = more benefits” . This has worked this quarter, but beware, it does not always have to be that way.

Captura de pantalla 2018 02 02 a las 0 14 59

Meanwhile the active iPhone base continues to grow slowly but inexorably from the 1 billion 2 years ago to the approximately 1.3 billion today. This is largely explained by its longer useful life and its greater reuse / resale potential.

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Marea Blanca asks for more money for health in the Extraordinary Credit Law

  • The White Tide of Tenerife has appealed to the public to try to put pressure on all the political forces of the parliamentary arch so that in the debate on the Extraordinary Credit Law, scheduled for mid-July, the items will be increased to health and not end up going to the private-concerted, but redistribute in solving the real needs of Canarian citizens and public health workers.
Rueda de prensa

Press conference EUROPA PRESS

In a press conference, the spokesman of the White Tide of Tenerife, Jorge Bethencourt, has indicated that it is necessary to give a "blunt" response to the policies that are being carried out in the Canary Islands in the field of health and health, which are suffering a "progressive deterioration" since 2009, when the "brutal" cuts begin. He added that although in recent months more resources have been promised, he fears that they will be destined mainly to the private-concerted sector.

Jorge Bethencourt criticized that on the part of the Government of the Canary Islands there is no clear plan to defend the public, but to deteriorate the public and the private continues to profit, so "there is no other to mobilize and unmask the statements that are making day after day the political leaders, who confuse the population and do not adjust to reality ".

Cati Darias, from Intersindical Canaria (IC), made reference to the deficiencies posed by the Canarian public health in matters of personnel. In this regard, he indicated that the 8,000 places that the Health Department will offer does not mean that new staff will be hired. He clarified that half have been lost in this process of "deterioration" and assured that it will not recover "not a single square".

According to Darias, these places announced by the Ministry correspond to the 8,000 jobs "in precarious" that have been holding since the last offer of public employment, which came out in 2007 and has not yet concluded, and are the cash that keep Canarian public health at the tail of the Spanish State in the staff ratios by assisted population.

The union spokeswoman complained that on the part of the Canarian Executive has managed the health "by blow of improvisation" in the last thirty years, since he assumed this competence, and said that at this time there are "reduced" templates that have lost between 3,000 and 4,000 personnel due to the reduction of resources to public health and that have placed Canarias "far below" the ratios of the Spanish State.

He also criticized that the Law on Extraordinary Credit only includes 150 million euros for Health, when there was talk of 400 million, and that they are not intended for the hiring of personnel or the recovery of rights of health professionals, who have seen how they lowered the salary and they were increased the day, having to assume the load of two and three workers and 100,000 hours of more for not being adjusted the templates to the real coverage.


Cati Darias also attacked the "makeup engineering" that is being carried out in relation to the data of the waiting lists. In this regard, he assured that these lists will be reduced because they will be subjected to an "Excel engineering" process and the tables will be "manipulated" because the real population that is affected is not being more attended.

Guillermo de la Barreda, president of the Association for the Defense of Public Health of the Canary Islands, said that talking about waiting lists and staff is "talking about the great symptoms of a Canarian health that is sick", and assured that the "marketing" work that the Ministry has done "will not hide the reality".

De la Barreda said that the reduction of waiting lists would be a "miracle", because if in April there was a gap with respect to the month of December of almost 120,000 patients only in consultation, from April onwards will have entered more people, which means that downloading those lists is "almost impossible".

Using data from the Ministry of Health, he added that while in the Canary Islands there are 182 days of waiting for a surgery, in La Rioja there are 47 days even though the investment per capita in health is similar in both regions: 1,200 euros per person in the Canary Islands , compared to 1,300 euros in La Rioja. He added that 83% of specialty consultations in the Canary Islands take more than six months, when in the Community of Madrid, which has an investment of 1,100 euros per person, this percentage is 10%.

For this reason, he has also called on the population, trade unions and associations to "do something" and say "enough is enough" because politicians are "unable" to resolve a situation that deteriorates "year after year".

Although the reason for the press conference was to inform of the actions of pressure and mobilization that can be developed to get the Ministry of Health to apply urgent and long-lasting solutions, Jorge Bethencourt has indicated that as of today they are not preparing any mobilization because Marea Blanca "is not mature enough" to propose a mobilizing process and, above all, taking into account that part of the trade union organizations are "in the shadow of the umbrella" of the Health Minister, José Manuel Baltar.

Guillermo de la Barreda added that this time of year is "bad" for any mobilization, and believes that the ideal would be in the months of October and November, which is when the activity begins.

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