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Letter from Isidro Fainé, CECA's Chairman
The health emergency we are experiencing is one of the most difficult tests that humanity has faced in recent history. The pandemic is being compared to periods of war or great instability, such as the 1918 flu, the great depression of 1929, and the financial crisis of 2008, because of the toll it is taking.
This serious situation has become a challenge for society as a whole, in all its areas: from the family environment to the workplace, with a significant impact on the health and economic sector.
Our associated institutions have been working for years to develop a responsible and sustainable business approach, which contributes to social development through their financial activity and social projects. A sense of responsibility and commitment to service are the principles that guide us, with the aim of transmitting the performance of our sector as a global financial phenomenon at the service of people. Now, more than ever, this primary objective of our associated institutions is of prime importance, as part of the solution to the health and social crisis.
We have a major responsibility towards our customers. This global emergency has made it absolutely essential to join efforts to support the productive sector and families, with the aim of curbing the economic and social impact of the pandemic.
Since the start of the crisis caused by COVID-19, the institutions associated with CECA have demonstrated their solidarity and have focused on helping their customers with initiatives to support those suffering the most.
The European Savings and Retail Banking Group (ESBG) and the World Savings and Retail Banking Institute (WSBI) of which CECA is a member are adopting similar measures to mitigate the impact of the coronavirus on business and economic activity.
This space compiles the initiatives that our associated institutions have put in place; new actions may also be added in the future to help society in general and the most vulnerable groups. We are talking, in particular, about providing liquidity and financing with a State guarantee so that business and self-employed people can overcome the difficulties arising from this situation; a moratorium on mortgage repayments for vulnerable people; the deferral of rent payments for tenants of flats in the Social Housing Fund (FSV); advanced payment of pensions and the payment of unemployment benefits to customers.
In addition, various social actions have been developed to address COVID-19. Actions that reach every corner of society at this time of great need thanks to the capillarity of our associated institutions.
CECA's response to Covid-19 in images
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