However, only under the agreement of 26 de September 1996, in other words, three years after the FOGASA I agreement was concluded, did SNIACE transfer to Banesto, as payment of part of its debts, the shares that it owned in the undertaking Inquitex and some plots of land that were covered by the mortgage.

It is practically impossible to use land in another EU state as security for a loan.

The debt was covered by a mortgage on the land, buildings, machinery and installations owned by Refractarios.

They did not enforce the auction of the mortgaged land.

23. Article 6 (3) allows Member States to exclude the right of withdrawal in some specific cases, such as (a) any credit intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or projected building, or for the purpose of renovating or improving a building, (b) any credit secured either by mortgage on immovable property or by a right related to immovable property, or (c) declarations by consumers using the services of an official, provided that the official confirms that the consumer is guaranteed the right under Article 5 (1).

Member States are allowed latitude in only two cases referred to in Article 6(3). They may provide that the right of withdrawal will not apply to: any credit intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or planned building, or for the purpose of renovating or improving a building (real estate loans), or any credit secured either by mortgage on immovable property or by a right related to immovable property (mortgage loans).