The First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, met today at the headquarters of her ministry with the top executives of the main Spanish banks, in a meeting marked by threats to extend the new tax on the banks, the Spanish candidacy to preside over the European Investment Bank (EIB) and the requests of the Government so that the entities “continue contributing to growth”. During the meeting, Calviño has demanded that the banks raise the remuneration of deposits.
The meeting was attended by the presidents of Santander, Ana Botín; from BBVA, Carlos Torres; from Caixabank, José Ignacio Goirigolzarri, and from Sabadell, Josep Oliu. Also present were the CEO of Bankinter, Dolores Dancausa, and the CEO of Ibercaja, Víctor Iglesias, as well as the presidents of Cajamar, Luis Rodríguez; Kutxabank, Antón Arriola, and Abanca, Juan Carlos Escotet.
The meeting was the first at the highest level with large Spanish corporations since the last elections and, as happened with the meeting in Davos between Pedro Sánchez and the leadership of Santander, BBVA, Iberdrola, Repsol and Naturgy, it comes at a time marked by the differences, in this case related to the banking tax in force since this year.
Calviño assured last week that, “to the extent that there are extraordinary benefits”, it will be necessary to “consider” a possible extension in time of the new tax, equivalent to 4.8% of the income of banks with more than 800 million billing euros.
Banking sources indicate that the meeting had “another focus” different from the tax, which is being appealed in court. In any case, “the importance of any measure taking into account the stability of the financial system has been highlighted,” they indicate.
During the meeting, Calviño highlighted the importance of “the financial sector continuing to contribute positively to the growth of the Spanish economy in the current context of rising interest rates”. The message includes the need for a “competitive offer of credit to households and companies and an improvement in the remuneration of deposits,” the Ministry of Economic Affairs states in a note.
The last meeting of the minister with the banks was held in June, but it was of a lower rank. It was attended by the two main associations in the sector, AEB and Ceca, along with consumer representatives to monitor the new code of good banking practices in the midst of escalating interest rates. The forecast is that in autumn Calviño will meet again with employers and consumers to address this issue.
In this case there may also be a farewell component, since Calviño is running for the presidency of the EIB, in a process that will likely be resolved next week, during the Ecofin meeting in Santiago de Compostela. There are other key movements for Spanish interests in the European banking system, including the possible appointment of the deputy governor of the Bank of Spain, Margarita Delgado, as president of the Single Supervisory Mechanism (SSM) or the designation of Madrid as the headquarters of the Agency of Fight against Money Laundering.
Calviño, says his department, has discussed with the banks “the priorities of the new political course and the Spanish presidency of the Council of the EU”, as part of the “constant dialogue” that is maintained with the financial sector. “It has served to verify confidence in the good progress of the Spanish economy, in an international context marked by uncertainty and economic slowdown,” says the ministry.
It has also been verified that the Spanish financial system maintains low levels of arrears and defaults thanks to the good progress of the economy, employment and the solvency of companies.
The Government, indicates the note, is working with the Bank of Spain to analyze the codes of good practice in progress and “continue to improve the protection of families affected by the rise in mortgages, while continuing to guarantee financial stability” .
It has also been agreed to work together to launch before the end of the year an efficient mechanism for channeling the loans from European Next Generation funds provided for in the Addendum to the Recovery Plan, currently pending approval by the European institutions.
The Government has also reported on some key files in the financial field that it wants to promote during the Spanish presidency of the EU. These include the reform of the regulation of payment services and means in Europe, the improvement of the resolution framework for banking entities in the EU and the legislative proposals to complete the Banking Union and the Capital Markets Union.
