October 18, 2018 / 9:50 AM / a month ago

Spain rules banks must pay certain taxes related to mortgages

FILE PHOTO: Spain's Bankia Chairman Jose Ignacio Goirigolzarri attends a news conference to present the bank's strategic plan 2018-2020 in Madrid, Spain, February 27, 2018. REUTERS/Susana Vera/File Photo

MADRID (Reuters) - Spain’s Supreme Court on Thursday ruled that banks and not clients must pay certain taxes related to mortgage loans, a court document showed, in a ruling that could potentially cost lenders hundreds of millions of euros in compensation.

After the court ruling, Bankia (BKIA.MC) fell more than 7 percent, while Banco Sabadell (SABE.MC) and Caixabank (CABK.MC) fell 6 percent and 5.5 percent respectively.

Reporting By Jesús Aguado; editing by Paul E. Day

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