BBVA expects negative impact from 250m euro bank tax

CEO of BBVA, Onur YoungCalculates that government-designed tax on banks will affect their accounts 250 million euros in its first year, as explained during the presentation of the company’s results. Genç makes this calculation based on the figures for the last fiscal year of 2021, which the company earned. 4.653 million euro. The director confirmed that they will investigate “all possibilities, including forensic probability” once they have “all the details” about the foreclosure.

The two coalition parties, the PSOE and United We Can, this Thursday registered the bill proposal in the House 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.

Young stressed that this tax is “not good for Spain”. The bank’s CEO, a lien on legal entities less investment and growth for the country. “A tax is created when there is a sector with negative externalities, but that is not the case with banking, what needs to be encouraged is banking activity so that the economy can grow,” he said.

He also reminded that it is not a good time to make such a decision in a marked scenario. uncertainty with very high inflation rates and increases in interest rates. In this context, Genç argued that we should talk about how many solar panels will be installed and how much investment will be allocated for the installation of these panels, not taxes. with to finance less investment that’s what the country needs for solar panels and investments,” added José Antonio Álvarez, his colleague at Banco Santander, assuring that such a tax would take 50,000 million out of the industry’s lending ability.

He also stressed that the industry has had no extraordinary benefits, but that “what is extraordinary is the situation with negative interest rates over the past 10 years”. Between 2011 and 2021, the ROHE of the Spanish banking sector was -1.1% when it should have had a double-digit return. “IT What better thing can happen to a bank in a growing country, in this context the interests are the same,” he added.

Source: Informacion

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