CECA Holds Its First General Assembly Following the Approval of the Law on Savings Banks and Banking Foundations
The Spanish Confederation of Savings Banks, which represents 42% of the Spanish financial sector, held its 107th General Assembly today, presided over by Isidro Fainé.
In 2013, investment in Social Work by the entities associated with CECA exceeded 650 million euros.
The top representatives of savings banks and banks emerged from savings banks gathered today at the CECA headquarters to celebrate their 107th General Assembly, led by Isidro Fainé, President of the Spanish Confederation of Savings Banks. One of the main issues analyzed during the session was the new Law on Savings Banks and Banking Foundations, which establishes the new legal framework for the sector. This regulation, in which CECA actively participated during its processing, facilitates the capitalization of the entities and improves their corporate governance standards. In this context, the entities will be better prepared for the challenges of Banking Union and the greater integration of the European financial market.
In this context, as expressed by the President of CECA, Banking Union “is the most relevant milestone in the process of European construction since the launch of the single currency in 2002.” CECA has set as a priority for 2014 to provide its member entities with all the assistance they need to face this challenge. To perform this function, CECA relies on the “European Association of Savings Banks and Retail Banks,” of which Isidro Fainé is Vice President, ensuring direct communication with the main international authorities.
Solid Sector Committed to Its Values
Throughout the session, reflections were made on the transformation of the sector, which has undergone significant adjustments through consolidation and reduction of installed capacity. Since 2008, sector offices have reduced by 33.9 percent, and the number of employees by 29.5 percent. In terms of deposits, savings banks and banks from savings banks represent 42% of the Spanish financial system.
This progress in the restructuring of the sector, combined with the improvement of economic activity and the entry into force of European financial system reforms, “will lay the groundwork for the recovery of credit flow to the private sector,” stated Fainé during the General Assembly. The transformation of the sector has been carried out while maintaining a commitment to the values that identify the associated entities, embodied in the well-known three “Rs” of the World Institute of Savings Banks and Retail Banks: Retail, Rooted, and Responsible, oriented towards returning value to society and promoting financial inclusion.
On the other hand, the Commission on Foundations and Social Work also met today, serving as the main forum for exchanging experiences, cooperation, and study regarding Social Work. The investment in Social Work by the entities associated with CECA in 2013 exceeded 650 million euros. More than 50% of these funds were allocated to projects related to social and health assistance, targeting those in greatest need in the current economic context. Additionally, it is noteworthy that a total of 315 million euros were allocated to granting microcredits.
