The total economic impact of CECA's member entities stood at €178,030 million in 2021

The pull effect of the corporate activity of CECA's member entities stands at 1.89

42.3% of the investment in Obra Social has helped to reinforce the least developed SDGs in Spain, totalling €329 million

Once again this year, CECA's member entities -CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença and Cecabank- have published their economic, tax and social impact study prepared by KPMG España, based on an international measurement methodology.

The economic and social study is based on a threefold perspective: corporate activity, the impact generated in the Spanish economy thanks to the development of activity, including employee remuneration, tax payments and the expenditure and investments undertaken; the economic revitalisation resulting from the financing provided to businesses and households; and social contribution to innovation and social and environmental priorities. These are all observed in terms of direct, indirect and induced impacts.

In 2021, a year marked by the passing of the most acute stage of the COVID-19 pandemic, the pace of economic recovery and the sharp upturn in inflation on a global scale, the total economic impact of CECA's member entities stood at €178,030 million, equivalent to 16% of GDP. This total impact is the result of its corporate activity and the economic revitalisation triggered by the financing granted. The corporate activity generated totalled €18,235 million, which means that for every euro produced by corporate activity in the CECA sector, €1.89 is generated. For its part, the revitalisation through the financing granted amounted to €159,795 million.

CECA's member entities are the second largest employer in the country with an aggregate of 65,897 employees. A total of 99.6 per cent of these jobs are permanent. Furthermore, the sector is characterised by a strong commitment to gender equality, with a gender pay gap of 10%, 1.9 points below the Spanish average and 3.9 points below the European average.

Tax contribution of the sector

The total tax contribution of CECA's member entities totalled €5,246 million in 2021. Input taxes, that is, those that represent a cost for banks and directly affect their results, totalled €2,674 million in 2021, compared with €2,619 million the previous financial year, the highest figure in the last six years.

Output taxes, which are taxes withheld or passed on to third parties in the course of business activity, totalled €2,572 million, experiencing a significant increase (7%) with respect to the €2,394 million recorded in 2020.

Thus, in 2021, the total tax rate of CECA's member entities totalled 48.76%. However, if we were to take into account the contributions made by CECA sector entities to the Deposit Guarantee Fund for Credit Institutions (FGD), €649.8 million, to the Single Resolution Fund (SRF), €247.39 million, and the €8.87 million contributed to the Single Supervisory Mechanism (SSM), the total rate for 2021 would stand at 53.32%.

Committed to sustainable finance, with a clear social vocation

In 2021, CECA's member entities doubled their green, social and sustainable bond issues, for a total value of €4,589 million. In addition, the banks' underwriting activity generated a volume of €16,198 million.

In terms of socially responsible investment, the CECA sector has mobilised €54,427 million of investment categorised under Articles 8 and 9 of the SFDR[1], which represents 76% of total investment in this category in accordance with the application of the new European regulations.

The contribution made by CECA's member entities through its Obra Social totalled €778 million in 2021, enabling 51,750 activities to be undertaken, and reaching 24.5 million beneficiaries.

CECA, as a member of the Global Compact, and its member entities, contribute to the promotion of the Sustainable Development Goals. Evidence of this is that 42.3% of CECA's investment in Obra Social has helped to reinforce the least developed SDGs in Spain (2, 8, 9, 10, 12, 13, 14, 15 and 17), totalling €329 million. Thus, the entities that engage in Obra Social act as transforming agents in society through their programmes. Thanks to its capillarity and capacity to adapt, Obra Social is able to reach all the territories in which these entities have a presence.

It should be noted that, thanks to CECA's Obra Social, more than €321 million was allocated in 2021 to assistance, health and welfare, integration, soup kitchens and volunteer programmes, which has made it possible to promote social development and inclusive and sustainable growth through initiatives that improve access to education and training, entrepreneurship and the development of local economies, the welfare of communities and of the most vulnerable groups.

[1] Regulation (EU) 2019/2088, also known as the Sustainable Finance Disclosure Regulation (SFDR), imposes certain sustainability-related disclosure obligations on financial institutions. Article 8 SFDR: includes financial products and services that promote environmental and/or social characteristics, even if they do not have a specific sustainable investment objective. Article 9 SFDR: refers to financial products and services that have a specific sustainable investment objective related to environmental and/or social issues.