Sumar will denounce the Bank of Spain for not specifying the entities' advantages for his or her deposits | Economy | EUROtoday

Spanish banks earned near 39 billion euros earlier than taxes in 2023. These document income are defined by the abrupt improve in rates of interest undertaken by the European Central Bank to fight inflation, a blow to the pockets of many households. At the identical time, the entities have benefited from the remuneration paid by the Bank of Spain for his or her deposits, which in simply over a yr went from -0.5% to 4%. Sumar doesn’t like this circumstance, which in February demanded that the establishment led by Pablo Hernández de Cos element the quantities paid to every entity. The Bank has already answered that this breakdown is topic to skilled secrecy, an concept that the pinnacle of the establishment has elaborated on this Wednesday in Congress. Given this assertion, the parliamentary group led by Yolanda Díaz has introduced that it’ll report the Bank of Spain to the Contentious-Administrative Court for not offering this knowledge.

The subject got here to the fore this Tuesday in the course of the intervention of Hernández de Cos within the Economy, Commerce and Digital Transformation Commission of the Congress of Deputies. There was expectation of a response on the doable merger of BBVA and Sabadell. He has not commented on the matter (“I neither can nor should I comment on a potential operation that involves two significant entities”), however he has commented that “it is a good time to pay attention to what is the optimal level” of focus of the banking sector.

Sumar deputy Carlos Martín has requested him about this diploma of focus, however he has used most of his intervention to ask about financial coverage and the way Spanish banks are benefiting from it. In explicit, Martín has questioned Hernández de Cos about “the transfer of 8,000 million that the Bank of Spain makes for the deposit of 250,000 million of that liquidity from the banks in the deposit facility, which represents 65% of the profits obtained. by the Spanish banks.” Martín has requested the bank-to-bank particulars of that switch.

This was the official response of the Bank of Spain on February 28, to the parliamentary query that Sumar had registered: “The information broken down by entities is subject to the obligation of professional secrecy established in article 37 of the Statutes of the European System of Central Banks (ESBC) and the European Central Bank (ECB) and article 82 of Law 10/2014, of June 26, on the organization, supervision and solvency of credit institutions, as it is individualized information related to the participation of the counterparties in monetary policy operations of the Eurosystem”.

Martín recalled that response, however mentioned that he want to “hear it from the governor, if we citizens cannot know about a public transfer that is made to the banks; the detail bank by bank, because this apparently is subject to a professional secret that escapes me.” Hernández de Cos has insisted on the same line as in the official response already made by the institution he directs. “Why can't we give you the individual data? We are subject to the duty of confidentiality [al respecto]. The Bank of Spain cannot do anything other than comply with it.”

Given this new rejection, Sumar has reported that it will report the Bank of Spain to the Contentious-Administrative Court for not providing data on the benefits that the banks have obtained from their deposits. “Access to transparent and accurate information is essential for the proper exercise of oversight and analysis of economic and financial policies,” the parliamentary group added in its initial question.

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