Santander calculates that the banking tax will reduce the industry’s 50,000 million lending capacity

Two coalition parties, PSOE and United We Can, have just registered the bill in the requested Congress of Representatives. 4.8% temporary tax commissions and net interest from banks to collect 3,000 million euros in the next two years and to add another 4,000 million euros to this collection every two years with 1.2% of the sales of energy companies.

Álvarez warned that in general there is a scenario similar to the current one. The main problem of the economy is high inflation. can be fought with “barely” taxes because markets oftensudden changes in the rules of the game” Together higher cost of capital for companies and this affects wealth and employment.

In the particular case, in addition to the tax on banks, Álvarez “fears that the industry will be stigmatized” by this measureAfter his “enormous effort” during Covid, “all offices open while all other businesses are closed“–. And he assures that banking doesn’t know “where are the extraordinary profits,” something that would only happen if the industry could double its results to cover the cost of capital. We’ll multiply the results by two or three, which I don’t see fit,” he added.

CEO of the business they already have “too high” taxes. One of the bank deposit taxa higher company type than other industries and the Legal Tax on Documented Transactions (IJAD), in addition to the tax on financial transfers. And a very high exposure. And the effect of a tax, such as the tax just registered by the two parties of the governing coalition, will reduce its loan capacity by 50,000 million euros. As the Sabadell counterpart said on Thursday, it is the shareholders who may suffer first, but also the shareholders. economy in general, as the banking sector is critical For the smooth functioning of the economy,” he added.