November 7, 2018 / 12:23 PM / in 10 days

Spain to pass law which forces banks, not customers, to pay mortgage stamp duties

MADRID, Nov 7 (Reuters) - Spain will pass a law through Royal Decree on Thursday which will force banks, not customers, to pay mortgage stamp duties after a Supreme Court ruling Tuesday that passed the costs to consumers, Prime Minister Pedro Sanchez said on Wednesday.

The law will come in to effect on Friday when it is published in the Official Bulletin, he said, though the government will also seek political consensus for the law from other political parties in parliament.

Sanchez also said his Socialist party would submit to parliament a proposal to create a new independent body to oversee consumer rights before the banks.

Spain bank shares came off earlier highs following the comments. (Reporting by Paul Day; Editing by Jesus Aguado)

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