Despite the harsh report from the European Central Bank, the temporary bank tax will go ahead. So far, no surprises. Since the report was known, the Government anticipated its decision to continue processing this tax and this has been ratified by President Pedro Sánchez in an appearance this afternoon. "Obviously we take note and we will study the report, but the Government continues with its roadmap to create this important tax," Sánchez said at a press conference in Portugal after meeting with the Prime Minister of that country, António Costa.
He has also added the reasons: "Above all, because in light of the data that we have known about the profits and dividends that the financial sector is giving as a result of the tightening of monetary policy, I think it is justified that a little during these difficult times that the Spanish men and women are going through".
And then, Sánchez has charged against the vice president of the ECB, the Spanish Luis de Guindos, thanking in an ironic tone, his desire to help. He has said that Guindos "is well known for Spanish politics", recalling that he was Minister of Economy of the Popular Party government and "the architect of the rescue of the financial sector that was not going to cost the Spaniards a cent of a euro, previously he was responsible of Lehman Brothers and today he is the vice-president of the European Central Bank”.
"I am grateful for Mr. de Guindos' desire to help", concluded the Spanish president.
Today, the Vice President and Minister of Economy, Nadia Calviño, had already stated that the processing of this tax would continue, because the considerations included in the ECB report have already been taken into account. In addition, she has also added that "banks have margin and do not need to transfer this tax to customers", recalling that the bill incorporates mechanisms to guarantee that this transfer of costs to the consumer does not occur.
The report issued yesterday by the ECB warns that part of the costs of the tax may be transferred to customers and that its application may affect the granting of credits. It is a non-binding report, but given the institution that issues it, it will foreseeably have a significant impact on the processing of the proposed law.
