2023-06-29 21:18:26
The Government will investigate banks that do not remunerate deposits. The Minister for Economic Affairs, Nadia Calviño, has confirmed that she will request a “study” from the National Commission for Markets and Competition (CNMC) on “whether there are possible factors linked to the structure and functioning of the market that would be affecting the incentives of entities for the remuneration of deposits”, a study that will be carried out “in collaboration with the Bank of Spain”, with the aim of seeing “if any legislative change is necessary” to be able to encourage the payment of deposits. This announcement was made after the meeting held with the bank employers’ associations (AEB, CECA and Unacc); with the Bank of Spain and with the user associations, Asufin and PMP.
The vice president also announced that they will study creating a comparator on the offer of the different banks in investment and remuneration with the aim of generating “more effective competition”, since the Spanish financial sector “is taking longer” to pay for the deposits that the European one, for which reason it is going to ask the CNMC to “see if there is any factor that is limiting effective competition”.
The supervisor himself already expressed his doubts last week about why the banks are not fighting to win clients through the remuneration of deposits, which he considered opens the door to speculate on the possibility that they are “peacefully seeing” that no competitor resorts to that weapon and discard it, thus incurring in “tacit collusion”, against which he assured that his body does not have the tools to act.
In addition, the vice president has tried to go further in her attempt to further strengthen relief measures for mortgagees in trouble. To her surprise, she has announced her intention that all variable-rate mortgages for first home purchases reduce the installments for three years, a proposal that the Bank of Spain has already rejected “in situ”.
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