Spanish rate index.

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The Bank of Spain has announced its intention to continue to look at the possibilities of their new mortgage index the IRS, which replaces and combines the Caja and the Banks IRPH mortgage index, as the preferred index for all Spanish loans.

The view of the Bank of Spain is that the IRS will provide a more stable index than the more volatile Euribor.

It is now being considered whether to abolish the Euribor for mortgage purposes and move to one index for all new loans. It is expected a decision will be made by the end of the year.

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