The banks are now using all the bullets at their disposal to try to fatally wound the tax on the sector that the Government is preparing. Alejandra Kindelánpresident of the Spanish Banking Association (AEB), has tried to put pressure on the deputies who must vote on the tax this November 14 in the Congress of Deputies in committee so that it does not go ahead; If this procedure is passed, it would go to the Plenary Session of the Lower House.
«We must ask the deputies to have a long view, a long-term vision, not to think about short-term revenue but rather about the capabilities of our economy to support families and companies. It is a tax against growth and social progress,” he said in the 31st Financial Sector Meeting organized by ABC and Deloitte. An attempt to convince parliamentarians that setting this tax in the current context is not a good idea. This also occurs after some individual entities have criticized that the sector has not been able to influence against the measure as the energy companies have done.
«The tax was justified in a context of rate increases and today that context has turned around, but many more things have changed. “We have Trump with announcements that will have very clear impacts, the conflicts…” he pointed out, adding that now there are also many investment needs in Europe.
“They are telling us to stay strong because curves may come, a complicated environment in which we will also be asked to invest,” he said, and this tax prevents them from complying with it: “This tax is a burden on our ability to protect ourselves from the problems that may come and to invest.».
Specifically, Kindelán has highlighted that the tax will cause 50,000 million euros less creditwhich is equivalent to “250,000 fewer mortgages” in Spain. “Many financing needs that the sector will have to balance,” he indicated. This is one of the main warnings that the sector issues to try to convince the deputies to reverse the procedure.
The president of the AEB employers’ association has also denounced the “signaling” that this represents for the sector and that they have not had the opportunity to participate in the dialogue on the tax, in addition to pointing out that it generates fragmentation due to its transfer to autonomous communities such as the Basque Country. .
Collaboration
Kindelán’s words have been framed in a round table with the general director of the CECA employers’ association, Jose Maria Mendezand the president of the Official Credit Institute (ICO), Manuel Illueca. The latter is a body dependent on the Ministry of Economy.
Despite criticism from the president of the AEB, Illueca has defended the implementation of the tax at this time and has called on both employers’ associations in the sector so that this does not cloud the collaborative relationship. “The discrepancies are legitimate but these discrepancies should not cloud an exceptional collaboration between the entities and the ministry, and in what concerns me the ICO,” he explained.
In any case, Méndez, Kindelán and Illueca have highlighted the enormous collaboration they have had in recent weeks following the DANA disaster in Valencia. All of them have highlighted the work that the banks and the ICO have done in the tragedy, in addition to the Insurance Compensation Consortium.
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