Economics proposes to adapt the bank tax to the evolution of interest rates

Minister of Economy, Carlos body“If maintained constructively or permanently,” favors “certain fundamental elements of economic policy, such as the evolution of the interest rate cycle,” to adjust and replace the tax on financial institutions.

Addressing the New Economic Forum, the minister promised implementation Temporary taxes on banks and large energy companies (Part of its sequel Government Agreement with Sumer) is “successful” because these two sectors have contributed more fairly to the financing of social shielding, and this has been done without harming the solvency or better results of the financial sector. Acquired Energy Companies”.

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A setback.

The government has already expressed its desire to make the energy tax permanent, introducing the possibility for companies to deduct strategic investments linked to industrial projects and the decarbonisation of the country's production system.

The government is yet to come out with a statement on the formula for revising and making bank levy permanent Bank of Spain Governor Pablo Hernández de CazIt has already been claimed that the tax should be used to create an incentive for companies to increase their debt, as has been done in the Italian case.

Now the Minister has opened the opportunity for that Tax will be suitable for financial institutions If it decides to make certain fundamental elements of economic policy permanent, for example, the evolution of the interest rate cycle or other objectives such as promoting credit to SMEs.

Switch to permanent line It would also mean reaching a political consensus in Congress, as the Corps put it, left behind “a world of absolute majorities in which legislative proposals are passed through Congress like a rolling pin.” “It doesn't necessarily have any negative connotation, because the legislative proposals that eventually go through the dialogue have elements of this balance that are very stable and usually last for a long time,” he said. It refers not only to political negotiation but also to dialogue with social agents.

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Presidents this Monday CaixaBank and BBVA. Kaixa Bank Chairman, José Ignacio Goirigolzarri, said the tax is “going to be around for a period of time” as interest rates fall, with some extraordinary benefits falling from the sky as a result of falling interest rates, and it's interesting to see it become permanent. .” His BBVA counterpart, Carlos TorresAfter the approval of the tax, the department stressed the message it sent, namely that Spain “needs” investment, the situation in which banks play a “key role” and that “it makes no sense” that the affected companies and the banks AEB and CECA both appealed to the national court, similar to the unusual tax, blocking the move. should be.

Relief of the Governor of the Bank of Spain

On the other hand, the Economy Minister has also mentioned the replacement of the current governor in the new Economic Forum. Bank of SpainPablo Hernandez de Caz, whose mandate expires on June 11.

The body has indicated that this is still a two-and-a-half-month process, so “it's not something that needs to be particularly rushed” and Avoid linking posts to any other updates, General Council of Judiciary etc. “Luckily, I don't have to deal with filling vacancies at other companies,” he said.

“We strongly believe that the person who replaces the current governor will meet the two main characteristics of the current governor. There are great candidates“The body is specific.

“Some calm” in markets after Iran attack

In his speech, the minister also expressed his strong condemnation Iran attacks Israel Happened this weekend. “Not only do we view these events with great concern, but we also respect the firm commitment to peace and commitment to international humanitarian law,” he stressed.

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The body believes markets were somewhat anticipating this weekend's level as oil prices saw a modest increase last weekend. “Actually, they've reacted a bit downward this morning,” he noted.

For the Corps, this is a sign of a certain calm in the face of the reaction of key international leaders, who have expressed their desire to avoid an escalation of conflict in the region.

In that regard, the Minister has assured that, from the point of view of the Spanish Government, continuous monitoring and surveillance will be carried out.

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