this European Central Bank (ECB) will start this thursday pay banks For saving their money for the first time since December 2011. draining liquidity for the economy fight inflationit’s been long estimated by organizations financial institutions that have been planning for months to start paying their customers for their deposits after this summer’s return. Deputy Chairman of the Monetary Authority, Luis de Guindosencouraged these Mondays customers to take the initiative now: “If you have savings and you have a checking account or time deposit, i would go to the bank to ask him: hey, update me joyful fee“.
In his speech at the ‘El Norte de Castilla’ demonstration, former Minister of Economy He stated that the increase in deposit rates would “come”. relatively fast“. If approved, a flow almost uninterrupted down in the interest of responsibility 14 yearsstarted in October 2008 after the outbreak of the Great Financial Crisis. ECB to revive the eurozone economy, collect from banks to keep their money in June 2014, which is average wage new family deposits below 0.1% Since October 2017. Now, it will pay them 0.75% instead, which will be more in the coming months as official interest rates continue to rise. selective and limited transfer to customers.
Number two of the ECB also valued that Spanish households have almost a trillion euros deposited in banks. (997,446 million At the end of July, 17% more than before the pandemic). “It’s a good number because consumption does not collapse despite all the uncertainties and because you have a pool of resources to look for alternatives as soon as the situation returns to normalpositive effect on activity“It has held.
Less credit and more expensive
Guindos was likewise asked about the ‘tax’ on banks subsidized by the Government, although he said he did not know the details and I don’t want to enter In matters of national politics, he has left more than a glance. ECB rejection. The central bank, he reminded, opposes taxes on the financial sector. affects the cost of financing companies and families credit growth Yet solvency assets. It did so in 2019 in the face of a banking tax in Lithuania, continued and despite valuations not binding for countries, they “have value to be” supervisor’s opinion“.
completely, Institute of Economic Research (IEE) – lab of relevant ideas CEO and banking employers are board members AEB and the establishment of savings banks funcas– this Monday published a report against ‘tax’ deposit seven professors financial and tax law (among them Álvaro Rodríguez Bereijo, former president of the Constitutional Court). “There are numerous arguments that allow us to conclude that this is one. illegal tax Y almost constitutional“, summed up Inigo Fernandez de MesaHead of the institute and secretary of state at the Ministry of Economy at the time of Guindos.
IEE calculated before the holidays that the tax would have a cost to the Turkish economy. 2.200 million Euro GDP and those 35,000 jobs. The bank predicted last week that it would reduce its ability to lend. credit worth 50 billion €this will cause the economy to stop growing approximately 3.9 billion over the next two years (approximately 0.32% of GDP in 2021 data) and that they stop creating between 25,000 and 35,000 jobs (According to data from the EPA at the end of June, the number of employed will lose growth of between 0.12% and 0.17%).
offensive to tax
Raised the bar for the industry offensive to ‘tax’ now you will start your own business parliamentary process. The plenary session of Congress plans to discuss its opinion on the matter this Tuesday, and the Government hopes to see it approved. before the end of the year Thanks to the support of the left majority in parliament. Financial sources point out that the industry is debating whether this is the case. make changes or not for parliamentary groups trying to improve the finally approved text.
Those who refuse to do so argue that the text would be easier to understand without improvements. sue. In any case, it will be a long process, up to eight years. As it is a bill submitted by PSOE and United We Can, the only people who can take the bill to parliament Constitutional Court, Once approved, parliamentary groups or at least 50 deputies or 50 senators. The industry sees this as unlikely. PP or Vox Let’s assume the selection wear of doing this.
What seems more likely is that banks will have to wait for the Treasury to give them the first advance payment of the “tax” in the US. next year february take the matter to court. Then the parties will be able to object, claim that it is against Magna Carta and ask the judges to take it to the Constitutional Court. If the judge accepts and the Constitutional Court allows it to be processed, the court in question ” between six and eight years to solve,” points out financial resources.