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Report BFA - Bankia 2014 / Risk managementSocial risk

During 2014, the institution continued to reach agreed-upon solutions for customers in the early stage of default (loan modification, handing over of assets in lieu of payment) and in cases where assets had already been foreclosed.

The problems arising from eviction orders have been reduced, as Bankia has taken steps to reach agreements with customers and because there is now the possibility of applying to the courts for a two-year grace period if a customer is able to demonstrate that he or she meets the requirements to be classified as belonging to an especially vulnerable group.

Solutions reached
Item Year Total
2011 2012 2013 2014 Accumulated 2011-2014 %
Dwellings handed over in lieu of payment 1,499 3,356 1,590 1,497 7,942 4.47%
Home repossessions 13,115 9,207 4,614 5,570 32,506 18.29%
Mortgage modifications 5,203 19,049 23,178 14,079 61,509 34.62%
Consumer loan modifications 10,737 12,640 23,752 12,821 59,950 33.74%
Modifications of loans to the self-employed/businesses 3,240 3,402 5,667 3,477 15,786 8.88%
Total 33,794 47,654 58,801 37,444 177,693 100.00%

In the case of mortgage foreclosures therefore, the possibility of forgiveness of any debt not covered by the repossessed dwelling voluntarily handed over in lieu of payment gave rise to a significant increase in the number of amicable repossessions as opposed to forced evictions. Of all repossessed dwellings, in 2014 3,220 were given up voluntarily, 1,765 of which the result of being handed over in lieu of payment. A further 69 suspensions were granted following requests in which customers alleged they were in an especially vulnerable position or financial difficulty.

Bankia is the top provider of properties to the Social Housing Pool (FSV), having contributed 1,000 dwellings. In total, the Pool has 5,891 properties across Spain. Bankia is party to several housing agreements with the regional governments of Valencia, Catalonia and the Canary Islands, and with Mataró and Badalona city councils.

Figures on social housing rentals
rentals social housing pool and special rentals, 2014

  • FSV applications: 2,104
  • Special rental applications: 700
  • Total applications received: 2,804

Breakdown by status
Pending Rejected Approved Signed
FSV Special rental FSV Special rental FSV Special rental FSV Special rental
635 50 1,253 37 35 140 181 473

Total social housing rentals in 2014: 654

The institution also launched a specific initiative in 2014 to provide rental properties to customers who have lost their homes and who do not strictly meet the vulnerability criteria stipulated in Law 1/2013 but are still suffering social exclusion. These agreements resulted in the following action regarding rented social housing (through the FSV and special rentals).