The upper limit of 4% for the interest payable on variable rate mortgages? The provision, included in anti-crisis decree (DL 185/08), approved in late November, is in theory already effective for all installments due January 1, 2009. In practice it is likely that these days investors see the current account charge the original amount (with an interest rate above 4%), with no trace of the State's contribution provided by the DL 185/2008.
This is because the application of the decree (which is still susceptible to changes in conversion in Parliament) by the bank meets a number of organizational difficulties. The investors, however, will have nothing to fear, because the discount (if due) will come anyway. "The borrower - in fact explains the circular of the Ministry of Economy of 29 December last year - must obviously be kept free from any effect of such delays. In particular, each contribution must be credited with the currency of the maturity date that is relative. "
inviting banks to work to contain a maximum of delays, the circular also sets the end of February, the reasonable time within which credit institutions must adapt to the new rules. The text also contains some explanatory guidance that help in the practical application of the provisions. The rate affected by the provision, first, are those payable in 2009 and the 'ceiling' of 4% applies to the entire amount of the installment, not just the rate attributable to the current year (that is therefore a kind of criterion cash rather than competence).
Release for securitized mortgages
Circular of the Ministry of Economy also makes clear once and for all the applicability of the Order of mortgages to be securitized, "The contribution - it said - is paid by the selling bank (originator) or by the person responsible for the collection of the receivables sold and the cash and payment services (servicer).
instead remain unresolved in some respects, eg concerning the actual extent of mortgage-Dl 'hybrid' (mixed rate, constant rate and the like) or dates to be taken into account in determining the maximum interest on loans subject to renegotiation or subrogation. To solve these and other questions will probably need to wait for further clarification from the Ministry or of the Banking Association (ABI), which are maintained in close contact in order to solve the purely technical and operational issues. The banks will then have to wait for the decision of the Director of the Revenue for the definition of technical rules for the reimbursement of the difference by the State.
Who is covered by 4%
It is worth remembering that, with regard to mortgages, the anti-crisis decree applies to all loans with a rate "not fixed" turned on before the October 31, 2008 for 'acquisition, construction and renovation of the main (except for houses, villas and castles). Beware, though: the ceiling of 4% (including the spread) beyond which involved the integration of the state does not apply to all loans, but only for those at the signing will follow the rates below this threshold (in line Maximum those made between 2003 and mid 2006). For everyone else, the limit will be impassable represented by the rate of total interest paid to the first installment.
To give a hand to help them but the significant reduction in Euribor rates, which are indexed adjustable rate mortgages, whose values \u200b\u200bwere nearly halved from the peak in early October. Today the one-month interbank rate is in fact fell further to 2.51% (2.80% higher than that in 3 months): If the trend continues - as expected - in the coming months, the decree would ultimately anti-crisis effective only on more expensive loans with a spread (or those that detect the rate retroactively and on a quarterly or monthly) and only to the prime rate of 2009.
Maximilian Cellino m.cellino @ ilsole24ore.com
Source www.ilsole24ore.it
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