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From the variable rate fixed rate mortgage goes back to 2006 Introduction

Thanks to the agreement between the Economy Minister Tremonti and the ABI, is now can renegotiate the mortgage swaps before 2007 with a fixed rate, calculated as the average of fixed rates in force in 2006.

The agreement could affect some families 1,250,000. As explained on

Sole 24 Ore, "the difference between the amount of the installment due under the repayment plan originally expected and the resulting Act of renegotiation is debited from an account funding accessory set to the IRS to ten years, reported at the time of renegotiation, plus a spread of 0.50 (fixed rate then). "

is basically make a 'further funding
diluting the difference between the rate increased following the increase in interest rates and decreased with the new installment to the renegotiation, with an interest rate equal to the IRS today to 10 years (4.67%) plus a spread of 0.50%.
Continue the article: "If the renegotiation at the end of the interest rates have risen on average or not sufficiently decreased, the loan term will be automatically extended , always a fixed rate for the period sufficient to repay any financing enhancement. If, however, during the life of the loan renegotiated interest rates fall by more than the benefit already achieved with the move to fixed rate, the benefit related to the new rate will be recognized through a return to a less variable installment as provided for by the original loan. "
That: This new loan is repaid at the end of
fixed rate mortgage, provided that the rates are increased or not sufficiently reduced. Otherwise the new loan is repaid at a floating rate reaping the benefits from lowering interest rates.