Ana Botín, president of the Santander Bank, has revealed that they are working with the construction sector and the ICO to provide mortgages to young people, breaking the rule, created after the 2008 crisis, that 20% of the property’s value in cash is needed to access a mortgage.
In an interview with the newspaper País El País ’published this Sunday and collected by Europa Press, the president of Banco Santander has said that this program would mean the creation of half a million jobs and the construction of 150,000 homes, in addition to helping thousands of young people become independent.
As explained by Botín, the program would consist of a public-private collaboration with the ICO and companies in the real estate sector. Young people would only have to contribute 5% of the value of the property and Santander would grant a mortgage with the remaining 95%. On their side, the ICO would guarantee up to 20% of the loan.
On the other hand, with respect to the public guarantee program launched by the Government, the president of the largest Spanish bank has stressed that it is a “tested” model and that it is “working well in general”, although she recognized “some specific problem ».
More guarantee fee
“Santander has a total credit share of 18%, but in companies it is 27% and they have given us 18%,” Botín criticized. “The banks and the government are collaborating in a very positive way, although perhaps it would have been more effective if requests had been met on a first-come, first-served basis, as has been done on other ICO lines and in countries like Germany, and not by a quota allocation system ”, he added.
The first executive of Banco Santander has also trusted that the entity can recover the dividend in October. On the recommendation of the European Central Bank (ECB), it had to suspend the payment of dividends until at least that month in order to maintain the highest possible level of capital.
Solidarity, not charity
At the political level, Botín has affirmed that, although the European Union has to understand that “solidarity is not charity”, the member countries also have to understand that it is necessary “to be responsible and do everything that is necessary for companies to survive ».
“We need responsible governments (…) that understand that if companies are not supported, if business benefits are not generated, we cannot have a social economy,” he assured, adding that “a fiscal scheme that does not allow maintaining and attracting the best entrepreneurs to Spain to create companies of the future is not worth it ».