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Spanish banking groups warn of risks of Catalonia independence

Xinhua, September 19, 2015 Adjust font size:

Spanish two major banking lobby groups AEB and CECA said on Friday that the independence of the northeastern region of Catalonia could pose a threat to financial stability in the region.

The two main banking lobby groups said that the independence would make Catalonia leave the European Union and the euro zone and for that reason the banks should reconsider their presence in Catalonia.

If Catalonia declares its independence unilaterally, "banks in Catalonia would face serious problems of legal uncertainty", they said. Constitutional order must be preserved and Spain should continue to be part of the Eurozone, they pointed out.

The AEB and CECA, whose members include Banco Santander, Caixabank, Sabadell, BBVA, Bankia and Banco Popular among others, warned that if the banks reconsider their presence in Catalonia, "that could in turn risk weakening the offer from lenders, and lead to more financial exclusion, hurt the availability of credit and raise the cost (of credit)".

The entities urged political leaders for dialogue.

Regional elections in Catalonia will be held on Sept. 27 and pro-independence political parties called them as a vote on independence.

The Spanish government has always refused to conduct a poll on a Catalonia's independence from Spain, saying it breaches Spain's constitution.

According to the last poll published by the Centre for Sociological Research (CIS), "Junts pel si" would win between 60 and 61 seats, and the pro-independence party Candidatura d'Unitat Popular (CUP) would win 8 seats, placing the pro-independence parties on the edge of absolute majority and representing 44 percent of the vote. Endit