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MNI BRIEF: Spain Must Consider Stability In Bank Tax Plans-ECB

(MNI) ROME

The ECB says Spanish legislators must consider financial stability as they move towards a windfall tax on banks.

The European Central Bank has recommended that Spanish legislation for a windfall tax on banks in 2023 and 2024 should take financial stability and competition risks more into account, the central bank said in a statement.

Legislators should gather more information on the “specific impact that the temporary tax would have on banks’ profitability,” the ECB said, adding that the tax law should be clear about which institutions should pay and would not be “desirable” if it limited lenders’ ability to make loans or affected their resilience. Its opinion was published after a request from the Bank of Spain on behalf of parliament, and comes as a windfall tax on banks has also been mooted in the UK. (MNI INTERVIEW: Bank Tax Better Than Tiering- Ex-BOE Deputy)

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The European Central Bank has recommended that Spanish legislation for a windfall tax on banks in 2023 and 2024 should take financial stability and competition risks more into account, the central bank said in a statement.

Legislators should gather more information on the “specific impact that the temporary tax would have on banks’ profitability,” the ECB said, adding that the tax law should be clear about which institutions should pay and would not be “desirable” if it limited lenders’ ability to make loans or affected their resilience. Its opinion was published after a request from the Bank of Spain on behalf of parliament, and comes as a windfall tax on banks has also been mooted in the UK. (MNI INTERVIEW: Bank Tax Better Than Tiering- Ex-BOE Deputy)

Keep reading...Show less