The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Coronavirus: Spanish banks find a practical way to work with the state

The country’s biggest firms are doing all they can to bolster their reputation, as the nation faces a human and economic crisis brought on by Covid-19.

BBVA-coronavirus-masks-boxes-780.jpg

BBVA, among others, is providing the Spanish health ministry with essential equipment to help fight Covid-19



Only a few months ago, Spain’s top bankers were muttering darkly about how new bank taxes under the incoming left-wing government would make credit pricier and scarcer, and  exacerbate wider economic mismanagement.

They were all the more worried because both coalition partners – the centre-left socialist party, which controls the finance ministry, and the far-left Podemos party – had advocated harsher fiscal treatment of the banks in campaigning before elections last November.

Earlier this year, the government went ahead with plans for a new financial transactions tax.

Even now, Spanish banks know they’re not going to be the heroes of the coronavirus crisis, but they are trying convince the government and the public that, this time at least, they will need less prompting to take their responsibilities seriously as some the eurozone’s biggest and most profitable financial institutions, in one of its financially weakest states.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree