Spanish and European savers and even the European Central Bank (ECB) itself hope that the rises in interest rates undertaken by the institution will be reflected in the remuneration offered for bank deposits. In this regard, Peio Belausteguigoitia, CEO of BBVA Spain, stressed that “there is liquidity in the system” and that, therefore, “Financial entities are not eager to attract deposits.”
This was referred to in his speech during the III Finance Observatory organized by EL ESPAÑOL and Invertia, in which he insisted that “neither is the transfer of all increases in the cost of money being transferred to the world of assets at 100% “. “They are market dynamics”has apostilled.
Regarding the interest rate increases carried out by the ECB, belausteguigoitia He recalled that they are currently at 3%. For next March 16, when the institution holds its next meeting, forecasts point to a further increase of 50 basis points.
“By some statements, it is expected that in successive meetings it is possible that before summer there will be some additional rise. BBVA Research expects rates to be 4% in Europe and 5.25% in the United States,” she explained.
Despite the rise in interest rates -and the consequent increase in the Euribor- the CEO of BBVA has considered that compared to the rest of Europe Mortgages in Spain are not expensive“even deflating the country’s risk premium”.
“The comparison, both as a natural person and as a legal entity, does not at all say that bank financing in Spain is expensive in relation to Europe,” he stressed.
He also recalled that “65% of variable rate mortgages are older than 10 yearswhich means that they have had a significant repayment period”. In other words, “80% of the newly produced mortgages in Spain in the last five years have been at a fixed rate”. signed at a fixed rate are protected from rate increases”.
When asked about the new Financial Client Defense AuthorityBelausteguigoitia has stressed that BBVA has the focus and attaches “very significant importance to the management and processing of customer claims”.
The CEO of BBVA Spain recalled that the new figure -whose The bill is in the parliamentary process.– “would come to agglutinate the claims that go to the Bank of Spain, the National Commission of the Stock Market (CNMV) or the General Directorate of Insurance”.
Furthermore, and in a similar way to what the sector has been demanding, it has reiterated that in other countries other formats have been chosen to develop this figure“in some a new body has not been created”, while in others “different formats have been executed in relation to how the cost, maintenance and operation of this body is undertaken”.
In the case of Spain, and as included in the bill, Financing from the Financial Client Defense Authority is based on a fee of 250 euros per claim, while in other countries “a different format has been taken”, he has criticized. In some of them it has been decided to apply “an invoice at the end of the year, which is paid for by the different financial entities in aliquot parts”, she explained.
Regarding the criticisms of the sector, he has defended that the activity provided by financial institutions “is a central and very important activity within the development of an economy.” “Us through investment we accompany our clients for many years in their vital and business projects”, he remarked.
Likewise, he recalled that banking is “an industry that is highly regulated.” “In terms of supervision and regulation, I don’t think there is another industry in Spain like finance.“, he has defended, while recalling that banks face “inspections and audits of the different supervisions that guarantee that clients work well with the industry.”
He has also taken the opportunity to remember that “it is a very competitive sectoritive and competed”. “Customers haveno a range of options and that to heto therga does whatEU we all want to be top every day”, a question that “goes to the benefit of the client”, has detailed.
To the question about the growth of the entity and the Possibility of acquiring Banco Sabadell -as was about to happen at the end of 2020-, Belausteguigoitia has considered that “that happened at the time”.
On the contrary, the entity is focused “on organic growth”. “We have objectives, which are to grow, grow and grow. We consider it key to continue growing in terms of clientele. We want to grow in the world of SMEs by 80,000 new SMEs that work with BBVA”, he stressed.
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