Sumar has registered an initiative in Congress to force banks by law to grant retail customers a basic regulated current account without commissions, in light of the “enormous benefits” obtained by financial entities and the “worsening of the service provided.” .
Specifically, the plurinational group wants to introduce, via amendment, a new additional provision to the bill that creates the Independent Administrative Authority for the Defense of the Financial Client for this purpose.
As stated in the amendment, to which he has agreed Europa Pressthose of Yolanda Díaz want the Government to approve the necessary regulatory measures within three months so that all credit institutions operating in Spain are obliged to offer retail customers a basic regulated current account.
This account would not be remunerated, it would be denominated in euros, it would have all the linked payment services (digital and physical viewing and payments in all modalities) and without commissions. Likewise, the amendment stipulates that the person who has a checking account in the free market will have the right – and the bank the obligation – to switch to the regulated basic checking account within the same entity.
“Given the enormous profits obtained by financial entities and the uninterrupted increase in banking commissions despite the worsening of the service provided, there is scope for the creation of a regulated current account for all retail customers in Spain,” Sumar explains in his proposal.
Regulated mortgage and basic payment account
Sumar has taken advantage of the process of this law to register its well-known proposal to design a regulated mortgage with a fixed rate linked to the Spanish debt for ten years, with a minimum of 1% APR and a maximum term of 30 years.
Other characteristics of this mortgage are that its amortization system would be French or German and it would have a maximum of services linked to the mortgage loan. Specifically, the direct debit of the payroll into the account where the mortgage payments are drawn. It would also not have opening or early cancellation fees and the maximum credit limit with respect to the value of the home would be 80%.
On the other hand, Sumar has registered amendments to establish in the Bank of Spain an application form for opening a basic payment account, as well as a responsible declaration.
That cryptocurrencies are called “cryptobets”
Another of the amendments registered by Sumar to the bill is a measure for public administrations to refer to cryptoassets and cryptocurrencies that lack collateral in an underlying value, and whose value depends exclusively on speculation, as “crypto bets.”
The group explains that the proliferation of cryptoassets and cryptocurrencies without such collateral support has generated a “speculative market that is more similar to gambling than to investing in solvent financial instruments.”
In this sense, plurinationals indicate that unlike backed assets, the value of these “crypto bets” is not linked to any tangible good or underlying asset, which makes them “extremely volatile and susceptible to manipulation.” “Its value depends exclusively on speculation, with a dynamic similar to that of games of chance,” he adds in the justification of the amendment.
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