The Bank of Spain warns that a bank tax would reduce credit

The Bank of Spain warns that a bank tax would reduce credit

Image result for bank of spain

Throughout this week, both the banking association AEB and the main entities (BBVA, CaixaBank and Bankia) have categorically rejected a tax that would be used to finance the pension deficit. Alonso opted to seek a “global” solution to the problem of pensions and not do so “sectorally”. Alonso came to warn that if an entity is not profitable recurrently, it is a “problem”, and recalled that it does not want to return to situations of the past, in reference to the bank rescue.

The supervisor warns of fraud and the speculative nature of the cryptoactives

On the other hand, the deputy governor avoided commenting on the information published on the investigation being conducted by the National Securities Market Commission (CNMV) about possible irregularities in Banco Popular’s 2016 accounts. According to Expansión, the CNMV detected “inaccurate data or not truthful or with misleading information or that omits relevant aspects “in the report of the accounts of 2016. In the same course, the president of the CNMV, Santiago Albella, declared that” it is a matter to which I referred in an appearance in the Congress in January. ” Albella added that the institution acts whenever it sees irregularities and recalled that it can lead to “very serious” infractions.

Both the head of the Bank of Spain and the CNMV referred to the rise of crypto-assets and cryptocurrencies. These are financial assets or currencies (such as bitcoin) that use blockchain technology (block chains) to operate. As the Bank of Spain has already done on several occasions, yesterday the deputy governor insisted that these types of assets have “a markedly speculative nature, without the backing of supervisors and susceptible to being subject to fraud or price manipulation.” Alonso added that “it is worrying that, in a context in which less than half of the population understands the concept of compound interest, there is such a demand for complex assets of these characteristics”.

Alonso also referred to a study on savings that states that “the second most common method, behind the current account, is money in cash, even in the highest ranges of education and income.” That same study reveals that 38% of respondents save in cash.

The CNMC wants to unify the regulation of tourist apartments

In addition, the CNMV denied that there is any advanced project on the table of a Spanish company to launch a cryptocurrency or cryptoactive. According to Albella, of the ten companies that have approached the agency to market one of these new alternative assets, among them, he quoted Nostrum, no one has completed it, adding that there are only a couple that seem reasonable. He also revealed that all these companies were told to explain the project to the CNMV. “There are people who say they are delighted and then do not return and others who say they are going to Switzerland and then there is no trace in Switzerland,” he said. Albella referred on several occasions without citing it to the project of the food chain Nostrum that has announced that it will commercialize a token-type cryptoactive system in its English terminology (Spanish vouchers, in Albella’s words). The president of the CNMV said that “the distribution of cryptoactives made on the basis of the Swiss regulator, Gibraltar or Malta” must go through “certain procedures” in Spain.

The course was also attended by the president of the National Commission of Markets and Competition (CNMC), José María Marín Quemada, who revealed that a work commission has been created with some regional and local administrations to unify the regulation on apartments tourist. Marín Quemada said that it is important “to have regulations that are as similar as possible throughout Spain”. He insisted in any case that this new regulation must force compliance with tax, labor and also security obligations. For Marín Quemada, it is a concern for the regulatory body that there is no harmonization in this new activity. In relation to other activities such as the regulation of new transport systems through VTC licenses, Marín Quemada stated that it is positive that competition increases.