Her father made a mistake when he went to the consulate to register Alejandra Kindel\u00e1n. According to him, his daughter had been born on September 4. “He was wrong. That’s his anniversary. I was born in Caracas on September 12, 1971.” With an exquisite education, her presence radiates calm. The president of the Spanish Banking Association (AEB), with a simple and understated image, is capable of addressing any topic, however difficult it may seem, with a smile that makes it more digestible. <\/p>\n
Mortgage rates are rising rapidly. In September they hit a record increase. <\/strong><\/p>\n The rate increase process is necessary to contain inflation. That must be clear. <\/p>\n But it’s a problem generated by central banks offering so much liquidity.<\/strong><\/p>\n I wouldn’t say that. What some call “black swans” appeared, something none of us had anticipated on the horizon. We were coming out of a pandemic, global value chains became congested, a supply shock<\/em> was generated and a price shock. Furthermore, the war in Ukraine affects the prices of elements such as energy and some foods. There’s a reason that country is known as the breadbasket of the world. I don’t think we can say there are culprits. It was not, nor is it, an easy time to make forecasts. Or to make decisions. The only certainty we have is that rates will continue to rise. <\/p>\n For how long?<\/strong><\/p>\n It’s impossible to know. We don’t know how long the war will last, how we’re going to resolve the bottlenecks in supply chains. <\/p>\n In this context there will be many families and businesses that won’t be able to pay their debts.<\/strong><\/p>\n In Spain, we have a good starting point. Growth rates are slightly higher than the European average. <\/p>\n The evolution of the services and tourism sectors compensates for the industrial sector, which is more affected by the war. We have a certain momentum that will help us. Employment is performing very well and banks are in a good position, with good levels of solvency and efficiency to be able to help the vulnerable. <\/p>\n How will they do it?<\/strong><\/p>\n We have tools available in our bilateral relationship with the client.<\/p>\n I would say they don’t always have that willingness to help.<\/strong><\/p>\n The bank has the greatest interest in the client ultimately paying their debts. There are tools such as extending loans, restructuring. For vulnerable groups there is a framework established for years. It’s a code of good practices. If the client requests it and is vulnerable, they have the possibility of extending the life of the loan for forty years; there are grace periods; there are limits on spreads (Euribor plus 0.25 points at the moment), there are debt forgiveness and even payment in kind. This code has been used in recent years, although sparingly because with such low interest rates there hasn’t been this need. But that code is there. <\/p>\n What would you think if, ultimately, the Government puts a cap on mortgage rate increases?<\/strong><\/p>\n There are so many proposals! Limiting prices on any product will cause a reduction <\/p>\n in supply. There will be fewer incentives to grant loans. This is not the way to address the problem. <\/p>\n Are you talking with the Government?<\/strong><\/p>\n Yes, every day.<\/p>\n With which part of the Government?<\/strong><\/p>\n With the Ministry of Economy, with the Treasury…<\/p>\n With Yolanda D\u00edaz, Minister of Labor and Deputy Prime Minister?<\/strong><\/p>\n At certain times we have had contacts, but in recent weeks the truth is no. Our most direct channel is Economy. <\/p>\n In the Government there are two “sensibilities.” They assign the banking sector one of the villain roles in this situation the globalized world is experiencing. Pedro S\u00e1nchez said: “If Bot\u00edn [Alejandra Kindel\u00e1n worked at Santander] and Gal\u00e1n complain, it means we’re going in the right direction.” You, as president of the AEB, how do you feel? <\/strong><\/p>\n We don’t like being stigmatized as a sector. From one day to the next they announce a tax on banking, somewhat pointing to the sector to step up and help. We think it’s not necessary to single out one sector; we don’t have extraordinary profits. <\/p>\n That singling out, how does it feel?<\/strong><\/p>\n It’s not good for anyone. The Spanish financial sector is strong, solid. In recent times it has been there, helping businesses and families. It’s responsive. We are working with the Government on financial inclusion proposals, on expanding hours and services to serve the elderly. We are demonstrating that we’re stepping up. <\/p>\n Why don’t you raise deposit rates?<\/strong><\/p>\n Those are commercial strategies of the institutions.<\/p>\n Do they all agree? None have raised the return on liabilities. And mortgages have already gone up. <\/strong><\/p>\n They are referenced to a twelve-month interest rate, which anticipates the level rates will be at in twelve months. However, deposit rates are today’s rates. “In towns, often, schools and pharmacies closed before banks did.” Banking has left entire towns without banking services. <\/p>\n Isn’t that somewhat shameful?<\/strong><\/p>\n We’re coming from a difficult process, of negative interest rates, cost pressures… Certain measures have had to be taken that have included closing branches. But I would tell you that the problem of depopulated Spain is not an exclusive problem of banking. In many of these cases banks have been the last to leave the town. Schools, health centers, pharmacies left first. The closure of branches is being offset with many measures. We cannot forget that all banking transactions can be done online or by phone. Although it’s true that not everyone has access to the internet or phones. That’s why in some cases we must design mechanisms to deliver cash, for example. This is what we’re working on. We reach agreements with the Post Office, there’s a plan we’re working on with the Government that includes installing ATMs, expanding mobile branch routes, locating more commercial agents… We’re working on a very comprehensive plan that we will announce in the coming days [The interview was conducted a few days before the plan came to light last Friday]. <\/p>\n And perhaps you need to be kinder to that gentleman who comes to the branch and asks for help and doesn’t get it.<\/strong><\/p>\n I think that no longer happens. We published data showing that 82% of branches are opening with extended teller hours, they are assisting the elderly when they need it, they are extending call center<\/em> hours giving priority to older people. <\/p>\n Have you tried it?<\/strong><\/p>\n I have read the statistics and we have been in some locations analyzing the problem.<\/p>\n The answer sounds like Minister Yolanda D\u00edaz’s when she says that squatting is not a problem because the cases are minimally reflected in the statistics.<\/strong><\/p>\n We were on the ground. Surely citizens would prefer to have a person serving them, but that is increasingly difficult. We have to explain to them that what they can do through the <\/p>\n phone they should do.<\/p>\n If not impossible, it’s difficult. Applications and telephone services don’t always work. <\/strong><\/p>\n Serving the elderly is a concern for banks and we must be responsive to these groups, and we know that not everyone can go digital. We also have to assist these clients. <\/p>\n Facing a sexist: “This person hasn’t realized how the world works”<\/strong><\/p>\n Alejandra Kindel\u00e1n is considered an example of a defender of female leadership.<\/p>\n Do you believe in quotas?<\/strong><\/p>\n I believe tremendously in the strength of women, in equal opportunities. It’s wonderful to see where we’re getting to. There are spectacular women. If quotas are needed to get started, to stimulate, they can be useful. I’m neither a fan nor against… I don’t feel that I got my job position because of a quota. <\/p>\n