In 2023, Spanish banks earned approximately 39 billion euros before taxes, a record high due to the sudden increase in interest rates implemented by the European Central Bank to combat inflation. Additionally, these banks have benefited from the remuneration offered by the Bank of Spain for their deposits, which increased from -0.5% to 4% within just over a year. However, this does not sit well with some politicians who believe that transparency is key for proper supervision and analysis of economic and financial policies.
In February, Pablo Hernández de Cos was questioned about the amounts paid to each bank by the Bank of Spain, but he refused to disclose this information citing professional secrecy. In response, Yolanda Díaz’s parliamentary group announced that they would file a complaint against the Bank of Spain with the Administrative Court. During his intervention in Congress, Hernández de Cos did not address any rumors of a potential merger between BBVA and Sabadell but did emphasize that it was a good time to pay attention to optimal levels of banking concentration in Spain.
Carlos Martín questioned Hernández de Cos about the transfer of 8 billion euros made by the Bank of Spain for deposits worth 250 million euros from bank liquidity funds into deposit accounts, which represents 65% of the profits earned by Spanish banks. Martín demanded more details on this transfer. The official response from the Bank of Spain was that information disclosed by banks is subject to professional secrecy obligations.
Unsatisfied with this answer, Martín announced that he would file a complaint against the Bank of Spain with the Administrative Court for not providing information on how much profit Spanish banks have earned through their deposits. Access to transparent and accurate information is crucial for effective supervision and analysis of economic and financial policies.
