CaixaBank President José Ignacio Goirigolzarri took advantage of the organization’s shareholders meeting held today in Valencia. Send a message of confidence to Spanish banks in the face of financial turmoil Which is causing problems in the West at American institutions like Silicon Valley Bank or European organizations like Credit Suisse.
As he said, “although the fluctuations continueand we must always be vigilant, I honestly believe that unlike what we experienced in the previous crisis, Spanish banks are very well prepared and have tremendous power to face such situations”.
In this regard, he detailed the differences between Spanish banks in terms of banks that cause problems in the international scene. “Faced with a huge deposit concentration in the case of Silicon Valley Bank, The typical pattern of Spanish banks is a strong distribution of deposits.he said. We serve all markets, from large companies to familiesHe also stressed that our liquidity and solvency ratios are “extremely strong”, reaching 194% and 12.8% in all cases in the case of CaixaBank.
Credit Suisse
Regarding Credit Suisse, which has finally been integrated into UBS, Goirigolzarri underlined: “The market was surprised by the positive treatment of shareholders compared to investors with debt, called AT1.CaixaBank President, who caused “strong turbulence in the debt markets”, emphasized the joint statement of European auditors on this issue as “on time” and explained that these decisions have no place in Turkey’s legal framework and regulation. eurozone”.
The banker believes the aforementioned financial turmoil has arisen once again. “The need to complete the European banking union” and accelerate the creation of the deposit guarantee fund on the continent “as a way of avoiding any possible feedback between bank risk and country risk”.
And according to Goirigolzarri, the biggest vulnerability factor for the Spanish economy, along with productivity, is the imbalance in public accounts with “very high” debt-to-GDP ratios and a structural deficit of close to 4%. according to you a plan is needed to correct this imbalance, especially if we take into account that interest rates are normalizing, that is, they will not return to the “exceptional conditions” of recent years, when interest rates were at zero percent, as fiscal discipline will be restored in the EU.
Inflation
Regardless, Goirigolzarri was optimistic about Spain’s growth this year, with its GDP rising 1.3%, although inflation will close the year at 4.2% and the underlying “still above these levels”. His forecast is that Euribor, the main mortgage reference, will be at 3.5% in the second and third quarters of 2023.
dividend
The head of CaixaBank, currently focusing on the organization itself, emphasized that its shareholder will receive wages in 2022. € 1,730 million, 55 5 attributable results, From the beginning of 2022 until yesterday, the title deeds of the bank increased by 51%.
Not to mention the bank tax, Goirigolzarri promised not to leave the 2,200 municipalities where the asset is located, including 470 municipalities where it is the only bank. The La Caixa Foundation will receive 550 million for its social work.