(MENAFN) Associates of the Spanish administration on Friday answered back at the European Central Bank’s (ECB) cautions around the nation’s strategic windfall taxes on banks.
“The bank has issued a report like this before. They must have copied and pasted it from other times when there was a different context … given the current situation, the statement is a bit surprising,” Spain’s Social Security Minister Jose Luis Escriva informed Spanish broadcaster RNE.
He also asserted that it is “paradoxical” that the central bank cautions that the windfall tax might limit loaning as it carries on to increase interest levels.
On Thursday, the ECB released a much-awaited set of recommendations on Spain’s draft law to establish a two-year levy of 4.8 percent on banks’ incomes.
With the procedure, Spain’s current government targets to increase nearly €3 billion (USD2.9 billion). The Socialist-ruled administration states that the money are going to be redistributed to support citizens deal with surging inflation.
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