At lunch with Bolsonaro this Monday (8), Isaac Sidney, president of Febraban, told the president that the banking sector works with “dialogue” and “a perspective of collaboration with all the constituted authorities”. He also stated that he has serenity when talking about interest rates and that what the banks want is a stable economy, with low inflation, “that allows cheaper interest” to expand credit.
In his speech, Sidney defended respectful institutional dialogue. Febraban’s placement comes after Bolsonaro’s speeches, who complained about the support given by the federation of banks to the manifesto in defense of democracy and said that those who sign the manifesto are “faced and without character”.
“We appreciate the importance of dialogue and dialogue, as we need to seek, private initiative and public authorities, to improve the business environment to increase productivity and competitiveness in Brazil”, said the leader of Febraban.
At the beginning of his speech, Sidney said that the banking sector is committed to the country, regardless of governments.
“If the convergence of ideas and visions is not shown to be possible, this will not be an impediment to meetings like this one, as the banks will not lack a willingness to dialogue. If perhaps the difference of opinions leads the banking sector to diverge, I have the fullest conviction that we will not hesitate to seek, by all means, respectful institutional dialogue”, said Febraban.
He also stated that banks do not want rules and regulations favorable to the sector, however, they ask for “greater predictability with a horizon that mitigates uncertainties and increases the confidence of economic agents”.
Isaac called the view that banks like high interest rates because they profit more from higher rates wrong. According to him, financial institutions foster an environment of debates and ideas.
“What banks want is a healthy economy, with low and stable inflation, which allows for cheaper interest rates, because only then will credit be broad and accessible to an increasing number of families and companies,” he said.
He recalled economic scenarios in which the country’s financial and monetary conditions, with low Selic and inflation, allowed interest rates below 7% for the acquisition of real estate credit and, consequently, a low default rate.
“Brazil is the country that least recovers credit guarantees in the world, and the one that takes the longest to recover a guarantee. In addition, credit in Brazil is heavily taxed and the consumer pays for it,” he said.
Joana Cunha with Paulo Ricardo Martins and Diego Felix
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