Legal tip 390. Not against Spanish Banks but on favour of Spain´s legal order.
Monday, November 8, 2010 @ 2:36 PM
I am very certain, there are many different types of situations among those Bank managers who worked in the off plan business in Spain during the last boom. From some of them completely conscious of the weakness buyers where being left, to some other ones that just followed the protocol and instructions for higher instances.
Someone said to me very recently that it was not Spanish Bank´s risponsabilities to care for the lack of caution and sense of british buyers purchasing crazily in Spain when the Libra glory days and the easiness of financiation.I always take everyone´s point of views into account to depure and refine my perspective on problems and sincerely I cannot agree with this person on his approach, whatever is the angle I take it from.
I do think that actions against Banks out of 1.2 of Law 57/68 is a way to show the strength of legal order in Spain and its possibilities for justice in this field. Of course Banks are below Law ( someone also asked this to me today)
Law 57/68 was actually a very advanced and pioneer action on the protection of consumers before financial institutions. Placing depositer Banks as the guardians of this Law put the business into balance. Most of the unbalances and unfair positions buyers are now ( specially when the developer goes into creditor´s meeting, liquidation or the Bank take over developments, through execution of mortgages on them) were not called to happen, if Banks had honoured that "responsability" for safety of deposits that law 57/68 entrusted to them.
Just if banks were sensible, humble and open enough, they will rapidly recognise these liabilities as soon as they receive the corresponding claims and will refund deposits to buyers.... no better way to gain again the trust and the will to buy of foreign buyers: matter of their very interest specially now that they are the biggest estate agents in the country. Just a matter of balance and broad sense of market.
I am sure they will finally recognise and with the correct approach, they will re-atract many buyers to the Spanish Real Estate property market this way... very soon.
Best wishes,
Maria L. de Castro
Generalife gardens, Granada by tochis at Flickr.com