"There are obligations imposed by LEY 57/1968 on financial institutions - some banks have not acted with diligence"
Source: Banco de España Memoria del Servicio de Reclamaciones 2008 & El Pais Newspaper - August 2008
"New solutions tailored to the present-day problems must be sought"
"Good supervisors should not limit themselves to analysing the present, but should also anticipate possible scenarios
of non-viability that might arise in the future and attempt to reduce problems to a minimum before they emerge"
Source: Miguel Ángel Fernández Ordóñez - Ex-Governor of Banco de España - Speech at Fundación de Estudios Financieros, Madrid, 1 December 2011

“Come here calmly, and trust in the system that we have and the transparency we provide”
Excelentísimo Señora Beatriz Corredor Sierra - Ex-Spanish Housing Minister - February 2011

“Spain's voice must be respected again in Brussels and Frankfurt.  We will stop being part of the problem
and will be part of the solution"
November 2011
"You have before you a President of the Government who will face up to issues and not hide himself away" Interview EFE Agency January 2012
Excelentísimo Señor Mariano Rajoy Brey - Presidente del Gobierno de España - November 2011

Ex-Spanish Prime Minister Mr José Luis Rodríguez Zapatero said in THE EU PARLIAMENT ON 6 JULY 2010:
"My country is based on the rule of law and it respects and ensures that laws are respected.  The courts are responsible for the application of law. 
We stand shoulder to shoulder with those people who, maybe, have had the wool pulled over their eyes in the property sector"

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Ley 57/68 in English
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LEY 57/1968 is a short but very important Law which was implemented in the Public Interest on 27 July 1968 specifically to safeguard purchasers deposits paid in good faith to developers for off-plan properties.

The preamble of the Law explains clearly the reasons for its implementation.

The preamble states that there was justified public alarm at the fact that repeated abuses had been taking place with regards to off-plan deposits.  It says the abuses which were obvious criminal acts had a serious disruption of social life, constituted a serious alteration of the social coexistence and caused irreparable damage to trust and good faith.  It says LEY 57/68 was being introduced in the Public Interest to create general preventative standards to ensure the real and effective protection of funds paid in advance by purchasers and to ensure they received a refund in the event that the house building did not take effect.

It appears that 40 years after LEY 57/68 was implemented we are experiencing the same 'repeated abuses' and 'obvious criminal acts'  We now have the exact same situation of a 'serious disruption of social life' which unfortunately for many innocent purchasers has again caused 'irreparable damage to trust and good faith'.

This is a serious public order matter that the Spanish Authorities must tackle immediately.

LEY 57/68 is very clear and provides absolute protection for the purchaser.

It is not LEY 57/68 that has failed.

The failure is that of the authorities whose duty it was to uphold the rule of Law.  Shame on them.

Before making a decision or taking any action with regards to your personal situation we must strongly advise that
you take independent legal advice.

The Bank Guarantees Website is a free voluntary service providing information regarding LEY 57/68
and Bank Guarantee Abuse.  Under no circumstances can the Bank Guarantees In Spain Website provide advice
on an individual basis or give an opinion on specific individual cases.

Before making a decision or taking any action with regards to your personal situation we must strongly advise that
you take independent legal advice.

The Bank Guarantees In Spain Website and Petition does not endorse the services of any Lawyer or Law Firm.

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