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To eliminate bank charges, there would be a rise in rates and layoffs. Photo: Pixabay
MEXICO
The legal elimination of some of the fees charged by banks operating in Mexico "could have serious consequences that will eventually pay users of financial services," warned the Foundation for Financial Studies (Fundef).
Jorge Sanchez Tello, a researcher at the agency, explained that the commissions are part of one of the bank's main revenues and that their elimination would only force the banks to seek to compensate for this loss by raising interest rates. . They charge their customers.
We wear more than 20 years with a strong banking sector, which has been highlighted internationally by its capitalization and liquidity standards. This was not fortuitous and generated profits for the banks, as it is a growing business, in which credit has increased four times more than the country's gross domestic product. Hence the benefits registered by financial institutions and not precisely by the commissions, as Morena's legislators point out, "he said.
Sánchez Tello added that if this initiative is approved as presented this will affect the banks' revenues, but it will also mean to the markets that Mexican companies are not allowed to make profits and that the free market is not respected in order to generate prices, offers and services derived from competition.
According to the information of the Condusef, the revenues of the commissions of the banks could be reduced by at least 50% if this initiative was approved, which would result in a loss of at least 45 billion pesos for the banks.
According to researcher Fundef, this loss represents a reduction in the banks' revenues, but will ultimately be "translated for the customers, because to not affect their operations, the banks will have to increase the interest rates they grant to offset a reduction of their incomes. ".
REJECTED?
On the other hand, he pointed out that if some institutions were limited to not raising interest rates, they would have to lay off some of their employees to make up for the reduction in their income.
The initiative does not take into account either the fact that banks already offer products without commission, in savings accounts, debit cards, credit cards. All this is due to competition in the banking sector and that is how a market should develop, not by decree or by law. "
In an interview for First picture number of information with Pascal Beltrán del Río, Mario Di Costanzo, president of Condusef, said the markets fall Thursday to 5.81%, after the presentation of the initiative, is due to the fact that "hunger was associated with the desire to eat".
He assured that they are not against the initiative, but said that it was first necessary to discuss it widely.
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