Informe_Anual_Cecabank

36 / 76

Page. 36
| | |
| | |
|
03 Our Business Model
Cecabank 2015 Annual Report
Also in this field on a national level, the legislator’s
agenda was marked by the problems associated
with mortgage debtors. The following measures have
been implemented:
Social Housing
Fund
Code of Good
Practice
Preventing
evictions
Preventing
evictions and
measures to
this end
Reducing the
charge for debtors
in vulnerable
situations,
through the Code
of Good Practice.
Creating a Social
Housing Fund
In the past few years, the regulatory
environment has been very difficult
to address, with significant effects on
management of the entities.
Lastly, as regards fiscal matters, in an environment
of persistent public deficits stemming from the crisis
(Public Administration debt to the GDP is around 100
per cent in Spain and the ratio for the Eurozone is 95 per
cent) at the national level, a succession of autonomous
regulations taxing banking (tax on deposits and, more
recently, on empty housing) were approved. In the
European arena, the debate was centred around finding
a solution to prevent the deduction for deferred tax
credits, which would have had a major impact on banks.
The solution adopted by the Government was finally
validated by the European Commission (at a cost for
the entities) and lends stability to the Spanish financial
system in the immediate future.