No amortization requirements in the summer – Göteborgs-Posten

There will be no mandatory amortization rules for mortgage loans from 1 August. Financial Supervisory Authority (FI) slopes because the legal situation is uncertain.

But the authority still think the requirement is needed and is ready to quickly take up the work again.

Appeal in Jönköping writes in a consultation response that it is doubtful if the FI has any legal authority to impose the rules.

– We may consider that the appeal has made a different assessment. They have pointed out that there is an uncertainty in the law. Making it impossible for us to continue with an amortization requirements, says FI’s acting Director General Martin Noréus at a press conference.

The legal uncertainty is based on the interpretation of the so-called prudential rule of Banking and Finance. According to Per Håkansson, General Counsel for FI, it is difficult to interpret. FI maintains in themselves that they are right.

– We think that there had been an effective way to counter a social problem but we have respect for their opposition and their way of reading the rules, says Håkansson.

Invitation of the blocks

Finance Magdalena Andersson (S) would now have conversations with Alliance parties after the Financial Supervisory vengeance.

– The government must think about what this means. It is crucial that we have conversations with the bourgeois parties, because we need stable conditions in this area, she says to news agency Bloomberg.

At the same time she urges FSA to use all the tools we currently have available.

FI’s statement creates some uncertainty as to whether the amortization requirement will be introduced at all, according to Johan Hansing, chief economist at Bank Association.

– The uncertainty we mostly see is how to define a new loan and what applies whether to switch banks, more technical aspects of the proposal. And of course, now it will take longer before we get a complete regulatory framework in place.

Uncertainty is not good

According Hansing have been preparing for it is now stuffed amortization requirement already had an effect.

– At least 90 percent of those over 70 percent LTV amortise. In this way, we have got a change to how it looked five, six years ago and therefore it is not a huge drama in this one.

Bankers Association ran earlier in order to obtain a voluntary industry regulation without statutory amortization requirement, but this was blocked by the Competition Authority. Johan Hansing do not see any prospects for resuming the campaign for an industry regulation.

– The door has the Competition Authority closed.

Must be resolved

Nordea mortgage boss Michael Sagittarius says that the bank primarily been opposed to the amortization requirement was meant to be introduced so quickly.

– Now we better time for us and our customers do not rush to buy something before August 1.

Sagittarius has also been critical of the Financial Supervisory Authority’s proposals designed. Among other things, that the mortgages could not move, which Nordea feared would stay up the housing market, and that the repayment requirements would apply to everyone, regardless of situation.

– The proposal has been little square. We welcome a more flexible proposal.

FI still consider it necessary amortization requirements, because it “increases households ‘resilience’. If the FI to implement the requirements need authority a clearer mandate from the government and parliament, according to Martin Noréus. Will such may shortly amortization requirements imposed pretty fast.

– If we get a mandate, we can be pretty quick to take up the work again. We are in full swing now and had planned to introduce it in August, says Noréus.