Spanish banks will face 2024 freed from recurring payments to the Single Resolution Fund (SRF) and the Deposit Guarantee Fund (FGD) after having practically completed them this year. The absence of these contributions (if executed they will be less than the recurring ones) would be appreciated by the market as a catalyst. However, for the banks it hides a positive reading insofar as it would allow them to offset the payment of the additional tax next year if the Government finally chose to extend it, when the banks do not have the support of the increase in rates in the interest margin. . , and given the possibility of extending its duration.
With respect to the FUR, the fund will close at around the 77.6 billion euros set, a figure that has been achieved during the transitional period 2016-2023, and which has been adapted. This import would cover 1% of deposits in Europe, so as of January 1, 2024, entities would be free of these charges and would only have to contribute if the FUR’s financial resources fell below that level or if the fund is used, sources from the sector explain to La Información.
The contribution to hair was made in the first semester. In total, 91 entities made contributions for a total of 1,005 million euros, 11.3% less than the 1,133 million euros of last year. Spanish entities have contributed 7.5 billion euros to this “piggy bank”, which represents almost 10% of the total. For example, and according to the information included in the corresponding financial reports, Banco Santander paid 205 million to the FUR at the end of the semester, Caixabank did the same with 169 million euros, while for Banco Sabadell the payment amounted to 76 million euros. BBVA, for its part, charged approximately 185 million euros.
Likewise, these imports were already lower than those contributed in 2022. Banco Santander had to face an increase, as did Banco Sabadell, which stood at 100 million euros. Caixabank paid 159 million euros in 2022, while in 2021 the payment amounted to 181 million euros.
Regarding the Deposit Guarantee fund, the entities also hope to end contributions this year. According to the institution itself, as of December 31, 2022, the volume of financial resources stood at 6,609 million euros, which meant covering 0.7% of guaranteed deposits. Taking into account that the objective is set at 0.8%, there would be barely 0.1% left to cover. Specifically, banks such as Santander made 300 million euros in December of last year, while Caixabank’s contribution stood at 407 million. Finally, for Sabadell this import amounted to 114 million euros. In the case of the entity chaired by Carlos Torres, the increase planned for this year would be similar to the previous one: 245 million euros.
Positive leverage that would offset the payment of the tax
The Absence of These Contributions Should Be Positive for the Sector Even More When the Acting Minister of Affairs and Digital Transformation, New Ia Calviño, Has Admitted the Possibility of Extending the Extraordinary Tax to the Sector, Which Taxes Income Starting at 800 Million of euros and which entailed a charge to the banks of 1,300 million euros annually. The release of these payments would allow entities, among other aspects, to face the payment of the tax in a more complicated environment for the financial sector to increase income.
This would be because the repricing of credit will have practically ended (the Euribor could reach a ceiling of 4.10% at the end of the year), and the persistence of high rates will slow down the granting of credit, while banks will have to continue doing so. against the tribute. We must not forget that the entity chaired by Ana Botín paid 224 million euros for the ‘tax’, an amount in line with the payment to the FUR, but significantly lower than that made to the FGD. The same for Caixabank, which is the entity most affected by the tax, and Banco Sabadell.
In that sense, having two fewer payments would give a better entry point to banks that would only have to face the tax. Furthermore, analysts would admit that the absence of these charges would help to shore up the gross margin of the entities, and increase their profitability.