The Bank of Spain maintains that the banking tax did not have any negative effect on the financial entities that paid it in relation to those that were exempt or with banks in other countries where the tax did not exist, as stated in the conclusions of the report. published today “An analysis of the evolution of banking activity in Spain after the establishment of the temporary tax of law 38/2022”.
In that work, the Bank of Spain assures that “after the introduction of the tax, the empirical analysis does not reveal significant differences between the entities subject to the tax and the rest of the entities.” The report analyzed “the evolution of the unit margin and the interest margin associated with loans and deposits from households and non-financial corporations, or commissions.”
The Spanish banking supervisor highlighted that “the main difficulty in identifying” the effects of the implementation of the tax “lies in the almost coincidence of the announcement of the measure with the beginning of the cycle of interest rate increases by the Bank.” European Central Bank (ECB) in July 2022″.
