Therefore we have focused on the Euribor, its evolution and downward trend that we have forgotten that in the mortgage market there are three other benchmarks. Within these indices is the IRPH, acronyms known to the benchmark mortgage loans. But ... what is the IRPH? The benchmark index of mortgage loans is a percentage calculated by financial institutions to update the interest rates on mortgage loans granting variables. There IRPH Calculation of three different types of IRPH: IRPH banks: Benchmark mortgage loan is calculated by the arithmetic mean of three years loans awarded in the banks. IRPH savings banks: Benchmark mortgage loan calculated based on the arithmetic average of the mortgage loan offers savings banks envisage, among its products. IRPH Global: IRPH is half

of the Banks and the Banks IRPH. The benchmark index of mortgage loans is calculated using an arithmetic mean that occurs between the new mortgage loans, granted to a longer period of 36 months. The Bank of Spain publishes every month the benchmarks in terms of mortgage lending institutions that fall within the regulatory body. The IRPH monitoring changes can be made through the publications that the Bank of Spain produced each month and is superior to MIBOR and the Euribor. The IRPH is less volatile than the Euribor and the entry into the EU its use is limited to mortgage loans signed before 1998.