On Tuesday 3 March, the Court of Justice of the European Union (CJEU) will announce its definitive ruling regarding the mortgages linked to the Mortgage Loan Reference Index (IRPH or ‘Índice de Referencia de Préstamos Hipotecarios’ in Spanish).
The financial institutions have significantly reduced their IRPH-linked mortgage portfolios in the last six months in light of the possibility that the sentence may go against them. The reduction carried out by all of the banks amounts to €1.082 billion, which represents 6.22% of the total balance, based on the latest official data; and there are still €16.3 billion worth of mortgages at risk, according to reports from Vozpópuli.
