\u2022 The banking associations AEB and CECA express their absolute rejection of the new banking tax due to its economic impact and the legal uncertainty it creates<\/p>\n
The banking associations AEB and CECA denounce the legal uncertainty and the severe economic effects of a tax that has been devised through a chaotic and opaque process, behind citizens\u2019 backs and without dialogue with the sector or assessment by the advisory bodies, which should be included in any legislative procedure, and particularly in an area as sensitive as taxation. All of this creates general uncertainty, and in financial markets in particular. <\/p>\n
The associations firmly reject the decision to introduce a new tax on the banking sector due to its severe effects on financing for households and businesses, investment, and the economy as a whole, in a context of geopolitical risks and significant financing needs in Spain and in Europe. Specifically, the new levy will reduce new financing to households and businesses by 50,000 million. <\/p>\n
This tax has no equivalent in EU countries, which harms the competitiveness of Spanish credit institutions and the economy as a whole, and it lacks technical justification because monetary policy has entered a new cycle of interest rate cuts.<\/p>\n
In addition, it entails fragmentation of the internal market due to its differing application among autonomous communities, and it also singles out a sector whose purpose is to work for economic growth and social progress.<\/p>\n
The banking associations reiterate their determination to take legal action.<\/p>\n