A new low-rate Spanish bank deposit tax, which will see banks rather than account holders pay levies, is being introduced to “impose order in the Spanish banking system,” the Treasury Minister Cristóbal Montoro said yesterday.

The new fees will see between 0.1 per cent and 0.2 per cent taxed from bank deposits and is expected to raise between €1.5bn and €3bn.

Spanish bank deposits currently total around €1.5trn and the new measure will take effect in the coming weeks.