More specifically, the plurinational group wants raise the systemic risk buffer required for banking in a percentage equivalent to the benefits they have obtained by leaving their funds in the deposit facility of the Bank of Spain.
It should be remembered that this facility is one of the interest types defined by the European Central Bank (ECB) and determines the interest that credit institutions receive on their overnight deposits at the central bank.
After being negative for almost eight years, this interest became positive as of July 2022 and it was then that financial entities recomposed their portfolios to use the deposit facility, so The Bank of Spain had to pay 7,806 million to the entities in 2023 to remunerate their deposits, which means multiplying the figure from a year before by more than six.
“This supposes the disappearance of the benefits of the national monetary authority that are used by the public Treasury to finance public policies,” The confederal group denounces in the statement of reasons for its initiative, collected by Europa Press.
The group considers that the situation worsens if we take into account the financial difficulty experienced by people with variable rate mortgages, the “low remuneration of deposits offered by Spanish financial entities” and the “high dividends” distributed to shareholders. “All this makes greater public intervention necessary”Sumar ruling.
For these reasons, Sumar urges the Government to carry out, as a member of the Macroprudential Authority Financial Stability Council (Amcesfi)the appropriate measures to raise capital buffers by a percentage proportional to the extraordinary profits that financial entities have obtained with the remuneration of their deposits in the Bank of Spain.
It should be remembered that the Authority to which Sumar refers s has the authority to demand these larger capital buffers and it is a collegiate body attached to the Ministry of Economy, and made up of the Bank of Spain, the National Securities Market Commission (CNMV) and the General Directorate of Insurance and Pension Funds (DGSFP).
The main objective of the action, says Sumar, is to strengthen the solvency of the sector, reduce macroprudential risks and promote financial stability in the current context of rising prices and economic instability.
But in addition to those extra mattresses, The confederal group demands that the Bank of Spain publish the amount it has paid to credit entities in 2022 and 2023 as interest credited for their funds deposited in the deposit facility, broken down by entity.
Finally, they ask for an accounting justification and the amount of each provision or concept within each provision, allocated by the Bank of Spain from its profits between 2012 and 2023.
