CECA presents the fifth study on economic, fiscal, and social impact
The total economic impact of the entities affiliated with CECA was €178.030 billion in 2021
The multiplier effect of the corporate activity of the entities associated with CECA is estimated at 1.89
42.3% of the investment in Social Work has helped strengthen the least developed SDGs in Spain, amounting to €329 million
Once again, the entities associated with CECA -CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, and Cecabank- have made public their study on economic, fiscal, and social impact prepared by KPMG Spain, based on an international measurement methodology.
The economic and social study is conducted from a triple perspective: corporate activity, the impact generated on the Spanish economy through business activity, which includes employee remuneration, tax payments, and expenditures and investments made; economic dynamism derived from the financing granted to businesses and households; and social contribution in innovation and social and environmental priorities. All of these are observed through direct, indirect, and induced impacts.
In 2021, a year marked by the overcoming of the most acute stage of the COVID-19 pandemic, the pulse of economic recovery, and the significant global inflation surge, the total economic impact of the entities affiliated with CECA reached €178.030 billion, equivalent to 16% of GDP. This total impact is the result of their corporate activity and the economic dynamization driven by the financing provided. The generated corporate activity amounts to €18.235 billion, indicating that for every euro produced from the corporate activity of the CECA sector, €1.89 is generated. Furthermore, the dynamization through the financing granted reaches €159.795 billion.
The entities associated with CECA, with their aggregate of 65,897 employees, are the second largest employer in the country. 99.6% of these jobs are permanent. Additionally, the sector is characterized by a strong commitment to gender equality, with a salary gap of 10%, 1.9 points below the Spanish average and 3.9 points below the European average.
Fiscal contribution of the sector
The total fiscal contribution of the entities affiliated with CECA reached €5.246 billion in 2021. The taxes borne, that is, those that represent a cost for the entities and directly affect their profit and loss accounts, amounted in 2021 to €2.674 billion, compared to €2.619 billion in the previous year, the highest figure in the last six years.
The taxes collected, which are the levies withheld or passed on to third parties in the course of business activities, amounted to €2.572 billion, experiencing a significant increase (7%) compared to the €2.394 billion recorded in 2020.
Thus, in 2021, the total tax rate of the entities affiliated with CECA rose to 48.76%. However, if one considers the contributions made by the CECA sector entities to the Deposit Guarantee Fund (FGD) amounting to €649.8 million, to the Single Resolution Fund (FUR) at €247.39 million, and the €8.87 million contributed to the Single Supervisory Mechanism (MUS), the total rate for 2021 would rise to 53.32%.
Committed to sustainable finance with a clear social vocation
In 2021, the entities affiliated with CECA doubled the issuance of green, social, and sustainable bonds, with a total value of €4.589 billion. Moreover, their activity as placement agents reached a volume of €16.198 billion.
Regarding socially responsible investment, the CECA sector mobilized €54.427 billion classified as Article 8 and 9 of the SFDR, making up 76% of the total investment in this category according to the application of the new European regulations.
The contribution made by the entities affiliated with CECA through their Social Work amounted in 2021 to €778 million, facilitating the execution of 51,750 activities and reaching 24.5 million beneficiaries.
CECA, as a member of the Global Compact, and its associated entities contribute to promoting the Sustainable Development Goals. As evidence, 42.3% of the investment in Social Work by the CECA sector has helped strengthen the least developed SDGs in Spain (2, 8, 9, 10, 12, 13, 14, 15, and 17), totaling €329 million. In this way, the entities carrying out Social Work act as a transformative agent of society through their programs. Thanks to their reach and capacity for adaptation, Social Work can access all territories where these entities are present.
It is noteworthy that, thanks to the Social Work of the CECA sector, more than €321 million was allocated in 2021 to assistance programs, health and well-being, integration, social dining, and volunteering, which has fostered social development and inclusive and sustainable growth through initiatives that enhance access to education and training, entrepreneurship, the development of local economies, and the well-being of communities and the most vulnerable groups.
