Who has the power

Who has the power one could ask since the last ruling in high court in Spain and two weeks after with the opposite outcome.

The question was who is to pay the tax when a mortgage is issued, the bank or the clients? Several decisions in courts have ruled that the banks were to pay. Now these decision were tried in high court and at first sustained. However, with the possible outcome that not only should the bank pay these taxes from now on but also, they should pay these taxes for the mortgages made the past 4 years. Had it only been the first, the would have ranged to find away so that their clients would pay anyhow, but with the possibility of having to pay 5 billion Euros the powers were moved.

It only took the influencers and the banks two weeks to manipulate the ruling and one can only look with surprise how the so called separation of powers operates in Spain.  Is it really possible to change a high court ruling in the European Union that easily?

First the taxpayers in Spain pay to rescue several banks in the crisis and now the banks just carry on defrauding at broad daylight. Not to speak of the only 15% of the the cost of the rescue that has been returned since the rescued bank are operating again – should they not pay this money back to the tax payers. In the US the payback is at 110%.

Nevertheless we do not believe it will have any or just little impact on the numbers of mortgages issued in Spain.