July 29, 2021

Calviño says the government will help the bank recover its prestige

Calviño says the government will help the bank recover its prestige

The Minister of Economy and Business, Nadia Calviño, has assured that the Government is committed to the recovery of the prestige of the financial sector and that for this it works in the creation of a Macroprudential Authority and another Authority for the Protection of the Financial Client.

In a dialogue organized by the US Chamber of Commerce in Spain, Calviño said that the recovery of the prestige of the bank "depends on everyone, also the financial sector."

He has said that it is "absolutely counterproductive to raise the debate in terms of citizens against banks or banks against citizens", when the issue of discrediting the financial sector after issues such as the ruling of the Supreme Court on the tax on mortgages arises in the conversation.

"The perception that a part of Spanish society has is that the costs (of the financial rescue) have been paid by the Spanish citizen", said the minister.

"A part of the increase in public debt has come from the absorption of the private debt of all those financial entities that should have been sanitized (…) We can not forget that this is the sensation that the citizen has, that with the cost of the crisis and with the money of the taxpayers has been cleaned up the financial sector, "he added.

In his opinion, in this context, the Government's action has consisted in guaranteeing legal security and strengthening the instruments of protection, an objective that will give rise to the new Financial Customer Protection Authority.

The minister has been convinced that the sector itself will support the creation of this new institution that is called to settle the differences that may arise between financial institutions and their customers.


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