MADRID, Nov 28 (Reuters) – Spanish banks Bankinter (BKT.MC) and Caixabank (CABK.MC) are contemplating difficult the federal government’s new banking tax proposal in court docket, executives from the lenders mentioned on Monday.
An amended windfall tax proposal for Spanish banks and huge vitality corporations final week cleared its first hurdle in parliament with the backing of the leftist ruling coalition and a number of other regional events.
The Spanish authorities goals to lift 3 billion euros ($3.14 billion) with the proposed tax by 2024 regardless of the European Central Financial institution’s warning about its potential adversarial results on the financial system and damaging influence on the solvency of banks.
“After all we’ll problem it. It’s completely unfair, discriminatory and confiscatory,” Bankinter’s Chief Govt Maria Dolores Dancausa mentioned in Madrid throughout a monetary occasion.
The lender may do that after the settlement of the primary a part of the tax cost, she mentioned, which based on the laws could be in February.
Gonzalo Gortazar, CEO of Caixabank, the nation’s largest home financial institution by property, mentioned throughout the identical occasion that “if ultimately the ultimate textual content incorporates parts that from the standpoint of the regulation should not in accordance with the regulation, clearly our obligation as managers can be to enchantment it”.
“However we’ll wait to see the ultimate textual content to make the choice,” Gortazar mentioned.
If political events within the Senate introduce further modifications, the decrease home, or Congress, would want to debate the proposal once more, although banking executives akin to Gortazar on Monday mentioned they didn’t anticipate any further modifications.
Earlier this month, the banking tax was amended to impose levies on the native models of international lenders after the ECB mentioned the proposal would distort competitors.
Any potential authorized problem from the sector in opposition to the federal government would represent an unprecedented authorized transfer.
BBVA’s (BBVA.MC) Chief Govt Onur Genc mentioned his financial institution would analyse the implications of the financial institution tax proposal and “we’ll resolve in due time whether or not to enchantment it”.
($1 = 0.9555 euros)
Reporting by Jesús Aguado; Enhancing by Inti Landauro and Jan Harvey
: .
