The postponement of the review of the judgment of the Supreme Court of mortgages which obliges pay the bank the tax of documented legal acts by the Third Chamber of the Supreme Court is pushing down the values on the stock market of banks. Especially those that have their activity centered in Spain and, to a greater extent, those that have more influence in the areas with the highest tax.
Catalunya or the Comunidad Valenciana charge a 1.5 against Madrid, with 0.4, 0.5 or 1% depending on the mortgage. Mostly it is 0.5%.
"The decreases have been very important, especially in the banks with more weight in Spain. Santander and BBVA have also suffered but the effect is less because their income account depends more on other countries, the collapse of the Turkish lira, for example, affected BBVA much more than the rest, "says Xavier Puig i Pla, director of programs banking and finance of the UPF Barcelona School of Management.
"Extending the decision until November 5 has made all parties get into a huge mess and that the uncertainty aggravates the damage to the bank, the actor who is traditionally considered responsible for all evils. Lack of financial culture In banks is where people have their deposits, the partners and shareholders are the owners, but there is everyone's money. And everyone prefers to have the money in a solvent bank, "he says.
Puig insists that in the review of the sentence – which will determine if it causes general effects and from when – will activate the defense mechanisms of the banking entities and with probable resources in the European courts.
"It will be an important punishment for banks to have to face all expenses. If in the end it is retroactive for four years, since September 2014, the clients will go to the Autonomous Community to claim, the Treasury will return it and the autonomous tax agency will go against the bank, "he says.