The acting First Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, does not rule out an upward revision of the extraordinary tax on banking entities, but this would be conditioned by the evolution of the economic and budgetary situation, in addition of the benefits of the sector. For now, financial institutions have already begun to feel the pressure of the markets after Calviño’s words.
“To the extent that there are extraordinary benefits, Well, it will have to be considered.. But we are going to see how the economic situation continues to evolve, the budgetary situation and how the benefits of the banking sector continue to evolve”, he said in an interview with the SER chain.
Calviño has indicated that this decision will be taken based on the context of each moment. “It is neither a yes nor a no, we will make the decision based on the situation when the time comes to evaluate it.”
Fall of the Euribor
On interest rates, the vice president has celebrated the “respite” that means that the Euribor, a reference for mortgages, registered in August its first fall in the last 20 months.
He also added that the banks are not adjusting the rise in interest rates on mortgages because “they have an interest in giving those mortgages and they are giving conditions that are perhaps a little below“.
Calviño has insisted that the banks They have to offer an adequate remuneration of depositsa topic that will be addressed, together with the codes of good practices, in a new meeting that will be held with the financial sector in the coming days.
“I am going to see how the situation is, how it is evolving and I am going to see with them what prospects there are and, of course, that there is adequate remuneration for savings. Banks effectively have to progressively adequately remunerate deposits,” said Calviño. , who added that, for example, Treasury bills “are paying more than what a deposit could be at this time.”
Regarding economic growth, Calviño has indicated that monetary policy and the rise in interest rates are slowing down the growth of the European economy.
However, in the Spanish case, the vice president has emphasized that growth is “stronger” than that of its European neighbors and has acknowledged that the Government may even have “fallen short” of its growth forecast for this year, of 2.1%.
“That 2.1% is a very prudent forecast, as we have been doing in these years. If we sin something, it is prudence “, she insisted.
Extend Budgets
For its part, it also does not rule out that the General State Budget (PGE) be extended to 2024, and that this will in no case endanger the channeling. “Hopefully it will give us time to prepare the Budgets for next year and, if not, this year’s Budgets will be extended, which are very positive budgets, because they allow us to channel European funds”, he pointed out.
The acting First Vice President highlighted that the “strong growth” that the Spanish economy is registering, as well as the increase in employment in the branches of new technologies and greater added value, “it is not understood” without European funds and without the Recovery Plan.
“It is very important that it be maintained and for that the General State Budgets of these years have been essential. The one we have at this time would allow us to continue channeling funds next year if necessary,” he assured.
Asked if the arrival of European funds is in danger if the interim situation of the Government is prolongedthe vice president has stressed that the Government, although it is in office, has not stopped working and continues “intensively” talking with Brussels to receive the approval of the addendum to the Recovery Plan as soon as possible.
“Immediately afterwards we will request the fourth payment, which is 10,000 million eurosso that it can arrive before the end of the year and that we can continue with that flow of funds”, he explained.
A CPI in moderation
Calviño has also taken the opportunity to say that food prices will continue to moderate in the second half of the yearalthough in the case of olive oil, whose prices have risen a lot, he has acknowledged that “the perspective is not that there will be a drop in the short term” because this year’s harvest is being “very bad”.
“But the general forecast that we have in this second part of the year is that continue to moderate food inflation. It will be noticed that prices, compared to last year, grow less,” Calviño stressed, adding that some prices will drop and others will stabilize.
