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ECJ advocate general paves the way for Spain's IRPH to be considered abusive - spokesman

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By Reuters
ECJ advocate general paves the way for Spain's IRPH to be considered abusive - spokesman
FILE PHOTO: The logo of the European Court of Justice is pictured outside the main courtroom in Luxembourg January 26, 2017. REUTERS/Francois Lenoir   -   Copyright  Francois Lenoir(Reuters)

MADRID (Reuters) – The European Court of Justice’s advocate general on Tuesday said that Spain’s mortgage price index (IRPH) should not be excluded from the remit of EU directives.

“The advocate is basically paving the way to recognise that IRPH could be considered abusive,” a spokesman for the ECJ court said after the advocate’s conclusions were published.

The conclusions are non-binding but are often followed up on by the court.

Shares in Spanish banks fell, with Caixabank <CABK.MC> and Bankia <BKIA.MC> down around 3%.

(Reporting By Jesús Aguado; editing by Ingrid Melander and Andrey Khalip)