Statements by José María Méndez at the ’31st Financial Sector Meeting’ of Deloitte and ABC

José María Méndez, General Director of CECA, emphasized today during his speech at the “31st Financial Sector Meeting” of Deloitte and ABC, the contribution of the sector comprised of banks, savings banks, and foundations to mitigate the effects of the DANA last week. Specifically, he highlighted:

– The banking sector is once again contributing to solutions to problems, as it did during the COVID-19 pandemic and the La Palma volcano. On this occasion, we have even anticipated the authorities by proposing concrete measures. The sector announced its willingness to grant moratoriums before they were regulated. The technicians of both associations have worked on regulatory texts, which has allowed for their rapid approval (November 5). These measures require legal backing to relax the documentary requirements for a novation, include tariff, notarial, and registration bonuses, and adapt accounting and prudential treatment.

– Beyond the measures that have been subject to regulation, other initiatives can be highlighted that entities are adopting through agents or by deploying mobile offices in some locations where the bank branch has become non-operational to facilitate the provision of essential banking services, such as cash withdrawals, requests for advances, or processing of insurance claims.

– The involvement of the banking sector is not limited to purely financial measures; in the medium and long term, the social dimension of CECA entities, through their Social Work, is playing a very relevant role in the recovery of the affected areas. The entities associated with CECA invested over €850 million in Social Work in 2023, totaling more than 80,000 actions that benefit 30 million people. Aggregately, this investment constitutes the 5th philanthropic entity in Europe.