Rates bring no let-up in transformation pressures, says CaixaBank’s Gortázar

CaixaBank chief executive Gonzalo Gortázar is convinced that higher eurozone interest rates will outweigh what he admits are growing asset-quality risks associated with stagflation and the war in Ukraine.

“I have a high degree of confidence on that,” he tells Euromoney, referring to his own institution at least. “Higher rates have a major impact on our income statement. We have over €300 billion in zero-cost deposits, and a large part of our balance sheet is in floating-rate loans.