María Dolores Dancausa, CEO of Bankinter, clearly expressed her position against of the bank tax announced last week by the Prime Minister, Pedro Sánchez. “It seems unfair to us and we will fight it,” he said. Dancausa criticized this tax and pointed out that the rise in interest rates will not mean providential benefits for the sector, but rather that it “returns to a normal and usual situation”.
However, the CEO indicated that if it has to be enforced, it will be done, but she insisted that it is not fair and that they will assess all options. “If there are flaws because legally it is possible, we will fight it”, pointed out Dancausa. Although he clarified that it was still premature “because they did not tell us the technical evaluation”. In fact, this Friday they have the meeting with the First Vice President, Nadia Calviño, to whom the President is summoned, but who still does not know which of the two will be able to attend due to “complicated agendas”, although the bank has already sent a series of notes in case they are not present.
“What we expect from this meeting is concrete,” Dancausa stressed and assured that the banks and were paying taxes so “I don’t think we are the ones who have to pay more.” The CEO acknowledged that the bank is always the focus.
The CEO explained that we have to see how she will see the light, how she will express herself when she passes all the filters and threw several questions in the air: “Why a tax on a sector that already pays more in corporation tax, what does banking have to do with inflation?” In addition, he criticized that the announcement generated unnecessary uncertainty without first thinking “it will cause many investors to turn their backs on our sector”, Agents who are not “gentlemen in bowler hats and cigars”, but are dedicated to investing the savings of the Spaniards. “I would ask those making these decisions to be very careful and weigh both the short-term and long-term effects.”
“The extraordinary revenue that higher rates will bring will be charged more, but also more will be paid. The difference between what is charged and what is paid is the interest margin. It’s back to normal,” he said.
The CEO explained that “what is not normal and usual is that goods and services that have value cost zero” in reference to rising rates. Dancausa made these statements at the start of the press conference to present the results of the first half. Bankinter gained 11% more to 271 million euros. A figure that the CEO is very proud of, although she ironically said that “I should start this results presentation by apologizing for strong earnings and significant revenue growth”.
María Dolores Dancausa continued to list the “good” data of the bank, assuring that “it is not politically correct to present this data because we find ourselves immersed in an environment in which the idea of the intrinsic evil of banks and of the abuse in front of the most underprivileged classes. lamented that the rate hike was said to be “unexpected” which ends up “being a source of unjustified and unfair additional advantages”.
Faced with all these criticisms veiled in irony, the CEO stressed that it would be “a serious mistake” to be ashamed of these results, which are the consequence of “a great effort, a continuous search for efficiency and of the application of great innovation to our daily processes by 6,000 professionals who dedicate themselves every day to making these results possible”. Dancausa insisted that the data is the result of a lot of effort by many people throughout this year. and added to the investments of the bank which now provides the result, “I am very proud to be able to present them.”