The banking associations AEB and CECA express their absolute rejection of the new bank tax because of its economic impact and the legal uncertainty it generates
The banking associations AEB and CECA denounce the legal uncertainty and the serious economic effects of a tax that has been conceived via a chaotic and opaque process, behind the public's back and without dialogue with the sector or an assessment by advisory bodies, which should be included in any legislative process, particularly in an area as sensitive as taxation. All this generates widespread uncertainty, particularly in financial markets.
The associations directly reject the decision to introduce a new tax on the banking sector because of its serious effects on the financing of families and companies, investment and the economy as a whole, in a context of geopolitical risks and with strong financing needs in Spain and Europe. Specifically, the new tax will reduce the amount of new financing to families and companies by €50 billion.
This tax is unparalleled in EU countries and therefore hurts the competitiveness of Spanish credit institutions and the economy as a whole, and lacks technical justification because monetary policy has entered a new cycle of lower interest rates.
Furthermore, it entails the fragmentation of the internal market due to its differentiated implementation across autonomous communities, and also singles out a sector that works towards economic growth and social progress.
The banking associations reiterate their determination to take legal action.