The banking sector rejects a tax that affects growth and considers legal action

• The associations AEB and CECA believe that the decision to create a new banking tax affects economic growth, and if approved in the announced terms, they do not rule out going to court since some of the constitutional defects of the current tax in force still exist.

• The associations warn that it diminishes credit to families and businesses, especially to SMEs, which are the backbone of the Spanish productive fabric and the basis for job creation.

• The sector recalls that, in a context of global geopolitical tension and where Spain, like Europe, faces the need for million-dollar investments, banking financing is essential to carry them out.

• It also expresses its strong rejection of a discriminatory tax that stigmatizes and harms the solvency and competitiveness of Spanish banks. It is contrary to the recommendations of international organizations such as the IMF and the ECB, with Spain being the only country that has created an additional tax of these characteristics on banking margin.

• The Spanish banking sector continues to work daily to fulfill its role in stimulating the economy and ensuring the flow of credit, and to safeguard the protection of its clients and shareholders.

The banking sector stands with the victims of the DANA