Spain’s National Commission on Markets and Competition (CNMC) opened proceedings before summer 2026 against Bankinter, Banco Santander, BBVA, Unicaja, CaixaBank and Banco Sabadell over public statements by executives about the banks’ future commercial policies, particularly fixed-rate mortgage pricing. The regulator is examining whether those comments let lenders anticipate competitors’ future conduct. The case concerns public communications, not a finding that the banks reached a private cartel agreement.
The CNMC said it was examining whether “statements made by some of their executives about the bank’s future commercial policy, particularly fixed-rate mortgage interest rates, may have allowed companies in the sector to anticipate their competitors’ future conduct.” The inquiry is ongoing, with no infringement finding or reported fine. It focuses on whether public signaling may have reduced uncertainty between competitors and affected their pricing decisions.
The investigation comes as borrowing has shifted markedly toward fixed rates. BBVA Research has reported that fixed-rate products accounted for about 90% of new residential mortgages in recent years, after the Euribor rose from roughly minus 0.5% to around 4% between 2022 and 2023. CaixaBank was an early mover in expanding its fixed-rate offer. Banco Santander and BBVA also shifted substantially toward fixed-rate lending, while some lenders continued to offer mixed mortgages, typically fixed for an initial five or ten years before becoming Euribor-linked.
Mortgage rates have since risen, though Spain remained below the euro-area average in the comparison based on European Central Bank data. The effective rate on new Spanish home loans reached 3.04% in August 2026, up from 2.89% in July, against a reported euro-area average of 3.60%. Spain ranked fifth among euro-area countries. The comparison uses the Banco de España’s TEDR measure, which captures lending rates excluding commissions and insurance premiums. Separately, BBVA Research reported that its average rate for new Spanish mortgages rose from 2.64% in December to 3.10% in August, attributing the increase to higher financing costs.
Public comments by senior executives came before the proceedings. Bankinter chief executive Gloria Ortiz and Banco Santander chief executive Héctor Grisi were reported to have warned that 30-year fixed mortgages priced below about 2.5% would not be profitable for lenders. Such remarks speak to banks’ funding costs. The CNMC’s inquiry, but, concerns whether public statements about future pricing could affect competition.
Affordability and lending standards also shape the market. Spanish mortgage practices commonly involve borrowers contributing around 20% of a property’s value, corresponding to a loan-to-value ratio of about 80%. Monthly repayments are generally assessed against household income, with a reported threshold of 30%. These conditions form part of the broader context for competition over mortgage offers and the costs faced by borrowers.
