AEBH - Junta Directiva nº 2
Madrid, Febrero 26, 2025
Se ha celebrado esta mañana, en formato híbrido, la Junta Directiva nº 2 de la asociación, donde se han debatido y aprobado un gran número de asuntos. Han estado presentes los máximos responsables de diversas empresas asociadas (Helloteca, IAhorro, Trioteca, Grupo Financiero 10, Finanwin, Gibobs Allbanks), así como el Presidente y el Secretario General de la entidad.
Digital Operational Resilience Act (DORA Regulation)
Paris, January 17, 2025
The Digital Operational Resilience Act (DORA) is an EU regulation that entered into force on 16 January 2023 and applies as of 17 January 2025. It aims at strengthening the information and communication technology (ICT) security of financial entities in the remit of the 3 ESAs and making sure that the financial sector in Europe is able to stay resilient in the event of a severe operational digital disruption. DORA brings harmonisation of the rules relating to digital operational resilience for the financial sector applying to 21 different types of financial entities, of which 12 are in the remit of ESMA.
The financial sector is increasingly dependent on information and communication technology (ICT) tools and systems to deliver its financial services, for which they increasingly rely on ICT service providers. This may expose financial entities to potential ICT (third-party) risk because the delivery of their financial services relies on entities who are not directly supervised nor subject to the same regulatory frameworks (i.e. when the ICT service providers are not financial entities themselves). When not managed properly, ICT risks can lead to disruptions of financial service delivery. This can have an impact on other financial entities, sectors and even on the rest of the economy, which underlines the importance of the digital operational resilience of the financial sector.
Highlights
A framework setting principles and requirements on ICT risk management.
Mitigation of ICT third-party risk; Key contractual provisions.
Operational resilience testing programme encompassing a range of tests, including advanced testing.
Management of ICT-related incidents, and notification of major ones and of significant cyber threats to competent authorities.
Exchange of information and intelligence on cyber threats.
Oversight framework for ICT third-party providers that are designated as critical by the ESAs for the financial sector.
STJUE 12/12/2024 - Préstamos Hipotecarios (IRPH)
Luxemburgo, 12 de Diciembre, 2024
AEBH - Constitución
Madrid/Barcelona, 10 de Diciembre, 2024
Se ha constituido esta mañana la Asociación Española de Brókeres Hipotecarios (AEBH) con la intención de racionalizar, con criterios deontológicos enraizados en los principios de transparencia, responsabilidad, eficiencia y atención personalizada, la operativa de cientos de intermediarios de crédito inmobiliario operando en la jurisdicción española, como primer paso para la creación de una entidad de ámbito europeo.
Congreso de los Diputados - Comparecencia DG Economía, BdE. - El mercado de la vivienda en España: evolución reciente, riesgos y problemas de accesibilidad
Madrid, 18 de Noviembre, 2024
Banco de España - Local Lending Specialization and Monetary Policy
Madrid, November 13, 2024
Abstract
We provide evidence that bank loan supply reactions to monetary policy changes are market-specific, emphasizing the importance of banks’ local specialization. We analyze the U.S. mortgage market and find that when monetary policy eases, banks increase new mortgage lending growth more in markets in which they are geographically specialized relative to other markets and banks. This holds after controlling for local lending opportunities and (unobservable) bank differences. Further empirical findings, supported by a simple model, suggest that banks face market-specific differences in lending advantages, related to market-specific information, leading them to exhibit different reactions to monetary policy changes. We document the aggregate effects of this geographical specialization channel both at the county (regional) level on mortgage supply and house price growth, as well as at the bank level on average specialization growth. Our study underscores the relevance of banks’ local specialization in shaping the transmission of monetary policy
Green Swan 2024: Impact of Climate Change on the Real Economy
Global Virtual, November 9, 2024
The fourth edition of the Green Swan Conference, co-organised by the Bank for International Settlements, the Bank of Japan, the Bank of Spain and the Network for Greening the Financial System, brought together high-calibre speakers – comprising corporate leaders from sectors most relevant for GHG emissions, experts, academics and policymakers – to discuss how climate risk, adaptation and mitigation affect the supply side of the economy and what these economic effects imply for the work of central banks.
Getting Ready for The European Green Bond Standard
Brussels, October 22, 2024
The European green bond standard is a new tool designed to open up opportunities for issuers and investors. The aim is to create a gold standard for green bonds and support the financing of assets needed for the low‑carbon transition.
The standard, which is voluntary, will be available to issuers as of 21 December 2024. It relies on the detailed criteria of the EU taxonomy to define green economic activities, ensures high levels of transparency and creates an EU‑level registration and supervision system for companies carrying out pre‑ and post‑issuance reviews of issuers’ disclosures. The European Securities and Markets Authority (ESMA) will be supervising these external reviewers.
To raise awareness of the European green bond standard and to support its application and use, the European Commission have organised a technical workshop for stakeholders. The event took place online only and was aimed at supporting prospective issuers, investors, external reviewers and other market participants, as well as national supervisors. The objective was to enable an interactive discussion, addressing legal and practical issues linked to the use of the new standard.
STJUE 17/10/2024. Préstamos Hipotecarios (Desglose de Gastos)
Luxemburgo, 17 de Octubre, 2024.
Banco de España - Informes sobre Vivienda (Octubre 2024)
Madrid, 16 de Octubre, 2024.
El mercado del alquiler de la vivienda residencial en España: evolución reciente, determinantes e indicadores de esfuerzo.
Este documento examina la evolución del mercado del alquiler de vivienda residencial en España desde la crisis económica iniciada en 2008 y complementa los principales análisis sobre dicho mercado a los que se hace referencia en el Capítulo 4 del Informe Anual 2023 del Banco de España. El análisis presentado documenta una expansión del mercado del alquiler de vivienda que se ha concentrado en determinados colectivos (jóvenes y población de origen extranjero) y áreas geográficas (áreas urbanas y zonas turísticas). Esta evolución ha venido acompañada, a partir de 2015, por un aumento de los precios medios del alquiler que ha sido especialmente intenso en las grandes áreas urbanas. Las dinámicas de precios observadas son el resultado de un crecimiento de la demanda superior al de la oferta, que aumenta a un ritmo insuficiente. Entre los principales determinantes que explican el auge de la demanda de vivienda en alquiler destacan el dinamismo demográfico y la concentración de la población en las grandes áreas urbanas. Al mismo tiempo, se produce un desplazamiento de parte de la demanda residencial al mercado del alquiler en un contexto de prudencia de las entidades financieras en la concesión de crédito hipotecario. Por su parte, la oferta de alquiler residencial en manos de particulares que no son grandes propietarios ha crecido de manera sustancial durante la última década. No obstante, este aumento de la oferta se ha visto limitado ante el auge de usos alternativos de la vivienda (alquileres turísticos, de habitaciones y de temporada), el reducido parque de alquiler social y el escaso dinamismo de la inversión del sector privado institucional en el mercado del alquiler residencial. Como consecuencia de estos desarrollos, la economía española destaca entre las economías de la UE-27 por la significativa proporción de hogares arrendatarios que se encuentran en una situación de sobresfuerzo para hacer frente al gasto que supone el alquiler de una vivienda. Estas situaciones de sobresfuerzo se concentran en los hogares con menores ingresos, entre los que destacan los formados por jóvenes, y en las áreas donde se concentra la actividad económica y turística.
El mercado de la vivienda residencial en España: evolución reciente y comparación internacional
Este documento describe la evolución del mercado de la vivienda residencial en la economía española considerando una perspectiva temporal amplia. Asimismo, este trabajo complementa los principales análisis sobre dicho mercado a los que se hace referencia en el capítulo 4 del Informe Anual 2023 del Banco de España y en el Documento Ocasional 2432, que examina la evolución del mercado del alquiler residencial. La evidencia presentada muestra un notable dinamismo del mercado de la vivienda, en términos de compraventas y precios medios, desde la recuperación económica iniciada en 2014. En el período más reciente, el incremento acumulado de las compraventas se basaría, en buena medida, en el crecimiento demográfico y en la demanda de no residentes. En este contexto, el limitado crecimiento de la oferta de vivienda nueva habría contribuido a sostener el aumento de los precios. Al mismo tiempo, se documentan una recuperación de los flujos de crédito hipotecario y unas condiciones financieras holgadas hasta 2021. Estos desarrollos han sido compatibles con un notable desendeudamiento de los hogares y con la corrección de los desequilibrios acumulados en el mercado inmobiliario durante la primera década del siglo XXI. Además, las vulnerabilidades y los riesgos para la estabilidad financiera asociados al mercado de la vivienda en España se encuentran actualmente contenidos. A esta contención ha contribuido, entre otros factores, la aplicación durante la última década de estándares crediticios más exigentes que los prevalentes antes de la crisis financiera global. La comparación de los indicadores de actividad, precios y crédito inmobiliario con los de las principales economías avanzadas muestra una elevada heterogeneidad en las tendencias observadas y sugiere que el tamaño relativo del mercado de la vivienda residencial en España no se encontraría sobredimensionado.
EMF Quarterly Review - Q2/2024
Brussels, October 10, 2024
Key highlights from the Q2 2024 Quarterly Review
Macroeconomic context:
In the second quarter of 2024 and compared with the previous quarter, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU, according to Eurostat. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.6% in the EU in the previous quarter.
The number of employed persons increased by 0.2% in both the euro area and the EU in the second quarter of 2024 compared with the previous quarter. The euro area annual inflation rate was 2.6% in July 2024, up from 2.5% in June, whereas in 2023 the rate stood at 5.3%.
Market developments:
The total residential mortgage stock of the EMF country sample increased slightly to EUR 8.23 tn by the end of the second quarter. This is a decrease of 0.74% y-o-y.
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- Gross lending increased by 1.6% y-o-y in Q2 2024. Total quarterly non-seasonally adjusted gross lending was approximately EUR 198 bn in Q2, compared to EUR 195 bn in Q4 of the previous year. Gross lending increased significantly in Q2 2024 on a y-o-y basis in Hungary (112%) and Czechia (83%), while it decreased the most in France (-26%), Finland (-24%) and Italy (-21%), all values considering EUR figures.
- There are no clear trends or patterns in house prices across the countries considered. The simple average of house price index values for the EMF country sample decreased slightly in Q2 2024 to 161.1 (from 165.4 in Q4, base year 2015). After a strong increase in Q2 2023 and Q1 2024, House Price Indexes (HPIs) have been decreasing.
- Inflation and a resulting depletion of household savings was a significant concern for governments and authorities within the EMF country sample. Consequently, government efforts were mainly focused on addressing housing and mortgage affordability. Additional measures were implemented to support supply, which was under strain from increased input prices in the previous year.
- The average unweighted EMF mortgage interest for Q2 2024 was 4.61%, 12 bps lower than Q2 2024 (4.73%).
EEMI DeliverEEM: Launch of a Groundbreaking Energy Efficient Mortgages Ecosystem
Brussels, October 7, 2024.
The European Mortgage Federation-European Covered Bond Council (EMF-ECBC) and its Consortium Partners, Ca' Foscari - University of Venice, CRIF, Modefinance, Operate, Harley&Dikkinson Consulting & Leibniz Institute for Financial Research SAFE, are delighted to formally announce the launch of Delivering the Energy Efficient Mortgages Ecosystem (DeliverEEM). This ambitious project builds on the foundations laid by the EU-funded Energy Efficient Mortgages Initiative (EEMI) and aims to respond to the European Commission's call to increase private sector engagement in financing energy efficiency, thereby accelerating Europe's transition towards a more sustainable future.
The official kick-off event, which will be held during the 3rd EEMI International Sustainable Housing Finance Symposium on 4th October 2024, will feature participation from high-level authorities and Institutions such as the European Commission, the OECD, Banca d'Italia, and the Spanish Ministry of Ecological Transition, who will be present to speak and contribute to discussions on the pivotal role of sustainable finance in the energy transition.
DeliverEEM will scale up and extend the development of Energy Efficient Mortgages (EEM) by creating a fully integrated market ecosystem that ensures an efficient, end-to-end customer journey and optimised market interventions. The project seeks to provide a blueprint for both established and emerging markets, with the potential for global replication, through deeper consumer and market insights, innovative financial operating models and enhanced institutional cooperation.
The launch of DeliverEEM comes at a critical time, as an increasingly complex geopolitical and macroeconomic landscape highlights the urgent need to meet the Paris Agreement's 1.5°C goal. Building on EEMI's previous successes, including its efforts to standardise energy efficiency in loan performance assessments, DeliverEEM will advance the EU's climate targets while supporting the Green Deal and the European Commission's Renovation Wave, which is key to sustainable development and economic growth.
One of the key features of DeliverEEM will be its focus on de-risking energy efficiency investments, improving the articulation of ESG factors in property valuations, and coordinating a streamlined renovation supply chain that puts consumers at the forefront of the transition. The project will also provide tools, mechanisms, and best practices for market players across the value chain, supporting accelerated energy efficiency mortgage market development.