The banking sector denounces the legal insecurity of the new tax

The banking associations AEB and CECA express their absolute rejection of the new banking tax due to its economic impact and the legal insecurity it generates.

The banking associations AEB and CECA denounce the legal insecurity and the serious economic effects of a tax that has been developed in a chaotic and opaque process, behind the backs of citizens and without dialogue with the sector or evaluation by the advisory bodies, which should be included in all legislative procedures, especially in such a sensitive area as taxation. All of this creates general uncertainty and particularly affects financial markets.

The associations firmly reject the decision to introduce a new tax on the banking sector due to its serious implications for the financing of families and businesses, investment, and the overall economy, against a backdrop of geopolitical risks and significant financing needs in Spain and Europe. Specifically, the new tax will remove 50 billion euros of new financing from families and businesses.

This tax has no equivalent in EU countries, which undermines the competitiveness of Spanish credit entities and the economy as a whole, and it lacks technical justification since monetary policy has entered a new cycle of lowering interest rates.

Furthermore, it implies a fragmentation of the internal market due to its different application across autonomous communities, as well as the targeting of a sector whose goal is to work for economic growth and social progress.

The banking associations reiterate their determination to take legal action.