Key data
| Regulation | Resolution of 6 April 2026, of the Bank of Spain — internal rate of return on the secondary market for public debt with maturities between two and six years |
|---|---|
| BOE Publication | 7 April 2026 (BOE-A-2026-7907) |
| Entry into force | 6 April 2026 |
| Affected parties | Banking institutions and holders of loans referenced to official Bank of Spain rates |
| Category | Real Estate / Financial |
| Regulatory framework | Orden EHA/2899/2011, of 28 October, on transparency and protection of banking services customers |
| Frequency | Mandatory monthly publication |
If your mortgage or loan is not referenced to Euribor but to an official Bank of Spain rate, the value published in April 2026 is what determines what you will pay in the next review period. The Resolution of 6 April 2026 of the Bank of Spain formalises the mandatory monthly publication of this index, in accordance with Orden EHA/2899/2011 on banking transparency.
This index is one of the official interest rates recognised in Spain. Although less widespread than Euribor, there is a portfolio of loan contracts — mainly mortgages and long-term loans — that use it as a reference. Its variation compared to previous periods can directly translate into changes in the monthly payments of those loans.
What does this regulation establish?
The resolution publishes the internal rate of return on the secondary market for Spanish public debt with maturities between two and six years. This data is obtained from the secondary public debt market and reflects the return demanded by investors on government bonds in that maturity range.
Its monthly publication is a legal obligation established by Orden EHA/2899/2011, of 28 October, which regulates transparency and protection of banking services customers. This order classifies this yield as one of the official interest rates that may be used as a reference index in loan contracts.
| Element | Detail |
|---|---|
| Published index | Internal rate of return on the secondary market for public debt maturing in 2-6 years |
| Reference period | April 2026 |
| Publishing body | Bank of Spain |
| Legal basis | Orden EHA/2899/2011, of 28 October |
| Use | Reference index in loan contracts and banking financial products |
| Publication frequency | Monthly, on a mandatory basis |
The variation of this rate compared to previous months may imply changes in the payments of referenced loans. If the index rises, the payment increases at the next review; if it falls, the payment decreases.
Economic and operational impact
The direct impact of this publication occurs on two fronts:
- For holders of referenced loans: The payment for the next review period will be calculated by applying the newly published rate plus the spread agreed in the contract. An upward variation in the index increases the financial cost of the loan.
- For banking institutions: They have the operational obligation to identify contracts linked to this index in their portfolio and apply the updated rate in the corresponding reviews. Failure to comply with this obligation may result in customer claims under Orden EHA/2899/2011.
Although the volume of contracts referenced to this index is smaller than those linked to Euribor, institutions with diversified mortgage portfolios must keep up-to-date tracking of all official indices published monthly by the Bank of Spain.
Who is affected?
- Banking and financial institutions: Required to apply the published rate when reviewing contracts linked to this index.
- Holders of mortgages referenced to official Bank of Spain rates other than Euribor: Their payment may change at the next review.
- Holders of long-term loans with a review clause linked to this official index.
- Risk and compliance departments of financial institutions: Must verify the correct application of the updated index.
- Financial and mortgage advisors: Must inform their clients about the impact of the update on their contracts.
Practical example
Imagine a borrower with a variable-rate mortgage referenced to the internal rate of return on public debt maturing in 2-6 years, with a contractual spread of 1.5 percentage points, and whose annual review takes place in April 2026.
At the time of the review, the bank is required to consult the rate published by the Bank of Spain in this resolution and apply it by adding the contractual spread. If the published rate has changed compared to the value applied at the previous review, the monthly payment will change accordingly: upward if the index has risen, downward if it has fallen.
To find out the exact amount of the change in the payment, the borrower must consult the specific value published in the official resolution in the BOE and apply it to the outstanding capital of their loan according to the agreed amortisation formula.
What should companies do now?
- Banking institutions: identify affected contracts. Review the loan portfolio to locate all contracts that reference the internal rate of return on public debt maturing in 2-6 years as the review index.
- Apply the published rate in April 2026 reviews. Contracts with a review in this period must be updated with the value published in the Resolution of 6 April 2026 (BOE-A-2026-7907).
- Communicate the change to affected customers. In accordance with Orden EHA/2899/2011, customers must be informed of the change in their payment with the advance notice stipulated in the contract.
- Loan holders: verify the reference index in their contract. Consult the loan or mortgage deed to confirm whether the reference index is the public debt yield maturing in 2-6 years and, if so, request an updated settlement statement from the institution.
- Advisors: update tracking of official indices. Incorporate this rate into monthly tracking tables of official Bank of Spain indices to correctly advise clients with linked contracts.
Frequently asked questions
What is the Bank of Spain's internal rate of return on public debt maturing in 2-6 years?
It is an official interest rate published monthly by the Bank of Spain. It reflects the yield on the secondary market for Spanish public debt with maturities between two and six years. It is used as a reference index in loan contracts and banking financial products, pursuant to Orden EHA/2899/2011 on banking transparency.
Which loans or mortgages are referenced to this official Bank of Spain rate?
Loans and mortgages whose contracts expressly indicate this index as the reference, instead of Euribor or other indices. These contracts are less common than those referenced to Euribor, but they do exist and financial institutions are required to apply this rate in the corresponding periodic reviews.
When does the rate published for April 2026 come into force?
The resolution was adopted on 6 April 2026 and published in the BOE on 7 April 2026. The published rate corresponds to April 2026 and is the one that financial institutions must apply when reviewing contracts linked to this index during that period.
What must banks do with this published official rate?
Banking institutions must take it into account when reviewing loan contracts linked to this index. If a contract is reviewed in this period, the institution must apply the rate published by the Bank of Spain in this resolution, in accordance with Orden EHA/2899/2011 on transparency and protection of banking services customers.
Where can I find the exact value of the rate published for April 2026?
The exact value is published in the Resolution of 6 April 2026 of the Bank of Spain, available in the BOE with reference BOE-A-2026-7907. You can consult it directly at https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-7907
Official source
View full regulation at official sourceDisclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, please consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-7907