From the beginning of this year and until the end of October, the Caixa Geral de Depositos (CGD) renegotiated approximately 40 thousand loans in its portfolio, including reductions. Spread, changes in rates associated with loans and other types of reinvestment. Apart from these, it has received around 50 requests per day decide mortgage loan installment for two years.
These figures were presented during the public bank’s presentation this Friday third quarter results, In total, “more than 40 thousand credit operations were restructured by October 2023, including the active renegotiation of 20 thousand operations with reductions,” the statement sent to the Securities Market Commission (CMVM) said. ” Spread and 12 thousand contractual changes from variable to fixed rates”.
Within these 40 thousand, about 4600 credits were also reconsidered under legislative measures, two of which belong to 1200 Decree-Law 80-A/2022 (Government diploma aimed at facilitating the reinvestment of credit by households whose effort rate exceeds 36% of income) and benefited from 3400 credits interest subsidy Housing loan by the state.
Finally, in approximately 2600 loans taken out by “low-income families”, Caixa implemented extraordinary support, reducing Spread Increase in housing loans by 0.5 percentage points.
In addition to these reinvestments, requests also come from customers decide mortgage loan installmentThere is a possibility that households have been able to resort to since November 2 and which allows them to set credit installments at a value lower than that resulting from the normal application of Euribor rates for a two-year period.
So far, Caixa is receiving about 50 requests per day to access this measure, without clarifying how many have already been approved.
In turn, the significant number of credit reinvestments leads to an increase in credits that have reached the second stage (or “).stage 2″, in the designation used in banking) risk classification, that is, the classification that accounts for contracts whose credit risk has increased significantly since the inception of the contract, but for which there is still no evidence that there will be an associated Loss.
At the end of September, 8% of Caixa’s credit portfolio was included at this level, an increase of 0.72 percentage points (considering only activity in Portugal). During the results presentation the President of Caixa explained that this increase is due to credit renegotiations, as customers who applied for these renegotiations were automatically included in them. stage Two.
Nevertheless, Paulo Macedo highlights the quality of the credit portfolio and, despite acknowledging that “the scenario recommends prudence”, he sees no cause for concern regarding default.
“Although many households are in difficulty, it is worth looking at the data from Banco de Portugal. Private debt has continued to decline very clearly over the last two years”, he explained, noting that in Caixa, only around 0.9% have mortgage loans. Families are considered “in difficulty”.