1.05 billion euros or a 33.5% build up within the web earnings of the 4 systemic banks because of greater rates of interest and commissions paid by means of their consumers
Each Greek banks and the rustic’s refineries are headed for brand new sky-high earnings once more this 12 months, with the federal government refusing to tax those tremendous earnings so as to take measures towards precision. This truth makes crucial the proposal lately submitted by means of SYRIZA-P.S. for taxation of those providence earnings at a charge of 90%.
Specifically, the 4 systemic banks are anticipated to transport just about a brand new report of surplus earnings this 12 months as neatly, reaping large advantages because of the greater rates of interest on loans whilst conserving their deposit opposite numbers “frozen”. The result’s that the debtors are harassed, whilst the federal government refuses to tax those “skyrocketing” earnings, opposite to the proposal of SYRIZA-P.S. for accuracy, which contains taxation at 90% so as to have measures to stop accuracy and fortify voters who’ve to stand heavy burdens.
In keeping with the consequences introduced by means of the 4 systemic banks (Ethniki Financial institution, Piraeus Financial institution, Eurobank and Alpha Financial institution), their web earnings amounted to one.05 billion euros within the first quarter of 2024, recording an build up of 33.5% in comparison to the corresponding duration final 12 months. Their administrations didn’t rule out the potential of their upward revision! It will have to be recalled that within the two years 2022-2023 credit score establishments have recorded a cumulative benefit of seven.546 billion euros, whilst the web hobby source of revenue of systemic banks quantities to 13.5 billion euros!
Fees
“Pillar” for the second one 12 months in a row would be the web source of revenue from hobby, which is a large burden for the voters. As the result of the primary quarter display, the web source of revenue from hobby amounted to two.12 billion euros, reinforced by means of 15.6% on an annual foundation, which displays in essentially the most brilliant manner the coverage of Greek banks. On the identical time, commissions charged to shoppers and execs are a supply of source of revenue for banks. Internet fee source of revenue amounted to 477 million euros, registering an build up each on a quarterly and an annual foundation of 6.5% and 26% respectively.
EL.PE’s earnings jump once more this 12 months.
On the identical time, in particular excessive profitability continues this 12 months in refining, as demonstrated by means of the monetary result of the primary quarter of 2024 of Helleniq Power (previously EL.PE.), predicting surplus earnings no longer most effective within the present 12 months, however in overall for a three-year duration, from of which just a small phase (of the report quantities of 2022) was once dedicated as a “harmony contribution”, regardless of the continuing precision that brings circle of relatives budgets to their knees.
In keeping with the introduced effects, the corporate presentations (in line with IFRS) greater in comparison to the corresponding quarter final 12 months: by means of 25% EBITDA earnings (350 million), by means of 33% working outcome (268 million) and by means of 16% web benefit (179 million). The figures for the primary quarter of the corporate are in particular excessive, even surpassing the result of the six months of earlier years, for the reason that on the crew degree the lowered returns within the electrical energy and herbal gasoline sectors (stakes in Elpedison and DEPA Emporias) have a adverse affect. In fact, the excessive refining margins that mirror the supply of the so-called “skyrocketing” earnings, i.e. the placement within the global marketplace, have a vital impact on profitability.
The federal government does no longer even communicate in regards to the implementation of a “particular harmony levy”, which was once applied just for 2022 with the minimal tax charge of 33%, whilst it exists within the related EU legislation. searching for to increase it to 2023. The professional opposition tabled the problem about two weeks in the past, tabling a complete proposal to take on precision, which integrated, amongst different issues, the abnormal taxation of financial institution and refiner earnings at a charge of 90% , which turns out essential.
Why is it essential to enforce the proposal of SYRIZA-P.S.
It’s recalled that the proposal of SYRIZA-P.S. issues the established order of an abnormal levy of 90% for the surplus earnings of banks in 2023 which outcome from the adaptation between the rates of interest on deposits and loans of Greek banks in terms of the common of EU banks.
It additionally speaks of enforcing a most benefit margin and lengthening a brief harmony contribution to grease refining for the 12 months 2023 as follows:
* Status quo of a most gross benefit margin in oil refining and within the manufacturing of oil refining merchandise on the degree of the common of the corresponding confirmed benefit margins of the EU.
* Extension of brief harmony contribution for the 12 months 2023.
* Status quo of an abnormal levy at the extra earnings of refineries in 2023 amounting to 90%.
