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EU asks European Court of Justice to fine Spain for mortgage law delay

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EU asks European Court of Justice to fine Spain for mortgage law delay

The European Commission has asked the European Court of Justice to fine Spain €105,000 a day for failing to transpose the EU mortgage credit directive into its national law books, Europapress reported on Nov. 27.

Spain's government adopted the directive on Nov. 3, but it has still to be approved by the country's parliament and its senate.

The directive was supposed to be adopted by EU countries by March 2016. Spain, in a political impasse last year and left without a government for 10 months, was one of several countries threatened with action at the European Court of Justice if it did not pass the law.

The news agency quoted government sources as saying that the law would be approved shortly, which would prevent Spain having to pay the fine.

The law is designed to protect borrowers but observers say it will raise uncertainty for banks. Banco Santander SA and Bankia SA are among the lenders expected to be most affected.