Tag: Spanish banks
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Spanish bank accounts after death: why is so complicated to close the account?
Most of my legal work relates to the administration of Spanish estates where the deceased and the beneficiaries are British. Very often the estate is comprised by a property and a bank account. In those cases, the lawyer acting for the beneficiaries and executors needs to gather the necessary documentation to produce a Deed of…
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What is a “cedula hipotecaria”?
You may have heard about the “cedulas hipotecarias” or covered bonds. A “Covered Bond” is a financial product guaranteed by the whole mortgage portfolio of the bank itself with an interest linked to it. This is a safe product in a normal economic climate and it could be quite profitable (in fact, during the property…
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Some hope for Spanish home owners in mortgages arrears
The Court of Appeal in Navarra issued on the 17th December of 2010 a Judgment that is raising hopes and expectations for home owners of Spanish properties that are today in mortgage arrears. Any person entering into a Spanish mortgage responds with all his personal assets for the payment of that debt. This means that,…
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About the Spanish “swaps” in the banking practice
Photograph by www.freefoto.com “Swaps”. Perhaps not a word that would mean much to the people who live outside Spain but the truth is that this is a hot topic right now in the Iberian Peninsula. The reason, as always, has something to do with the banks. In this case, the word “swaps” refers to…