Spain condemns EU Bank’s cautions regarding windfall taxes on banks
Date
11/6/2022 7:32:11 AM
(MENAFN) Members of the Spanish administration on Friday reacted at the European Central Bank’s (ECB) cautions regarding 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 updated Spanish newscaster RNE.
He further stated that it is “paradoxical” that the central bank warns that the windfall tax could limit lending as it carries on increasing interest rates.
On Thursday, the ECB shared a much-anticipated set of recommendations on Spain’s draft law to add a two-year levy of 4.8 percent on banks’ incomes.
With the measure, Spain’s progressive administration seeks to increase around €3 billion (USD2.9 billion).
The Socialist-led government states the money will be reallocated to help inhabitants deal with skyrocketing inflation.
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