Before the succession of news and statements public on the intention of the Government of establishing as permanent the temporary levy to the banking sector, the banking associations AEB and CECA express its more forceful rejection for the impact for the sector and for the Spanish economy

If it remains this initiative, Spain would become the only European jurisdiction with a recurrent tax of these characteristics, which constitutes a competitive disadvantage for the Spanish companies and, therefore, for the boost of the economy, in a context in which the Spanish banking is the European sector a level that more imposed pay.

In addition, supposes an obstacle to complete the Banking Union and goes against the recommendations of institutions as the European Central Bank (ECB) or the International Monetary Fund (IMF) that they advise against these taxes because they divert resources that they would be able to use to strengthen the capital of the banks and maintain the flow of the credit to families and companies.

This type of levies has a direct impact on the skills of financing of the actual economy and, for ende, in the creation of employment and in the growth of our economy. The collection of the levy supposes a loss estimated of 50,000 millions in the skills of financing of the banking sector in Spain.

If this tax, conceived as “extraordinary”, was justified by the Government for the growth of incomes derived from the rate increase of interest from 2022, this justification does not have validity. It is precise to point out that the planned evolution of the interest rates does not justify the conversion of the temporary levy in a recurrent tax . The ECB has begun to trim the official types. Specifically, throughout the year a reduction has already been produced of 75 basis points that reflected in reductions of the euribor is had. The euribor to a year is at this time under the level of December 2022, when the levy was approved. The analysts anticipate that this downtrend will remain next year so that the interest rates would be able to situate in 1.75% at the end of 2025.

Lastly, the incorporation of taxes to our legal system for the via of a decree law or, alternately, via an amendment to the articulate one of a bill that is found pending in the Congress, as they point out the information loss the quality of the public debate and prevents that the affected sectors can state its position on standards that affect to its activity.

All in all, tax the banking permanently with an extraordinary tax means slow down the investment, the economic growth and the creation of employment in the whole of the economy.