The European Commission has said that Spanish banks should repay customers in full, after they removed the minimum interest rate clauses from mortgages, according to reports. If applied, reports suggest these measures would be costly for Spain's banks, at a time when they are struggling to raise revenue following a deep recession. In an interview with El País, Economy Minister Luis de Guindos said: "We have been very clear about what we want and how much money is needed to achieve it.
The European Commission has said that Spanish banks should repay customers in full, after they removed the minimum interest rate clauses from mortgages, according to reports. If applied, reports suggest these measures would be costly for Spain's banks, at a time when they are struggling to raise revenue following a deep recession. Several lenders have already had their profit hit by removing such clauses from mortgages; however, the EU believes they should go further and repay customers what they are owed in interest payments over the whole life of the loan.