Calviño and Díaz mark distance in mortgages and remuneration of deposits


PSOE and Add diverge both of the economic result of the legislature, despite being part of the coalition government, as of the new proposals that lead. Thus, while the Minister of Economy and Digital Transformation and First Vice President, Nadia Calvinodefends the “good” economic progressthe head of Labor and second vice president, Yolanda DiazIt refers to “social unrest” that is perceived in Spanish society due to the rise in interest rates and its impact on mortgages.

Both vice presidents have expressed their opinion during the summer courses organized by the Menéndez Pelayo International University (UIMP) and APIE with the sponsorship of BBVA. So Yolanda Díaz has launched several messages. On the one hand, that the “insane rise in interest rates by the European Central Bank” and its effect on the Euribor has made mortgage payments more expensive by around 300 euros per month and 3,600 euros per year.

Against this, the update of the Code of Good Practices at the end of last year with the agreement between the Government and the financial sector It has had some results, for the moment, below what was initially expected. But Calviño and the financial institutions consider it good news that applications have barely reached 10,000 and consider that the resistance of employment is behind it. Moreover, they remember that it was carried out with a preventive nature.

Instead, for Díaz, this remedy to stop the blow of the increase in mortgages has fallen short due to the complexity of the process, which has made, in his opinion, that many families have not requested it. And he recalled “that as it is structured, the Bank of Spain has lowered the expectations of beneficiaries. From a million that the Government calculated to only 200,000.” For this reason, proposes the constitution of a bond of 1,000 euros for those families with a mortgage loan of up to 250,000 euros and a duration of 10 years. “This would not have a fiscal cost, but would be done through the bank tax.”

The rise in the minimum wage, with dialogue

The SMinimum interprofessional salary (SMI) has also generated conflicting opinions. To begin with, the leader of the PSOE, Pedro Sánchez, has hinted that it could set the SMI by law to reach 60% of the minimum wage. This has caused the Diaz’s response. “I have raised the SMI to reach 70% of the average salary, as recommended by the European social charter. On the first occasion, in a tripartite agreement, up to 950 euros, and later up to 1,080 euros in a bipartite agreement. We have done it in social dialogue, although we are not obliged, and with a committee of experts, as indicated by the OECD,” Díaz insisted.

Also Calvino stated during his speech on Monday that it is fundamental do not repeal the laws passed during the current legislature to avoid going back to the dark years, the decade immediately after the bailout of the financial sector. The Minister of Economy hides behind the upward update of the profit forecasts of different official organizations to defend her management during the last five years.

Different priorities in deposits

The deposit remuneration is another hot topic. Especially taking into account that the entities have not yet transferred the entire rise in ECB interest rates to fixed-term deposits. In this section, the leader of Sumar acknowledges that “it is true that there has been a huge transfer of income from citizens to financial institutions and that it is causing social unrest, because it results in the benefits of the entities.”

The bank launches to retain the client before the improvement of the remuneration in deposits

Instead, the Economy head shows a more belligerent stance and this was demonstrated during his speech in Santander. “I have no doubt that he Spanish banking sector has to start transmitting the rise in rates of interest for the benefit of the Spanish people”, he assured, to later announce that on June 29 he will meet with the bank employers, and in this meeting he will bring up the subject.

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