Savings banks: the destruction of a centennial company



From 45 savings banks at the beginning of 2012, we have moved to 12 entities or groups of entities. This concentration should not have been bad, if it had been done with technical and not political criteria. In relation to the reduction of commercial and human resources, with a network of branches at the beginning of the crisis clearly oversized, say that 7,852 offices (33.9% of the total) have closed and 36,644 employees have stopped working in the sector ( 29.5% of total workers in savings banks), with data provided by the ABC of December 31, 2013.

New financial business models

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A reform of a sector such as savings banks can be to strengthen it, with orderly liquidation of insolvent entities, grouping the less good with the best (giving the address to those of success and without duplicating charges, quite the opposite), changes in government norms to prevent political interference or new financial business models, all implementing a strategic plan agreed by the main political parties, with the intervention of experts from the sector and independent, or what has been done: a chestnut very face that we will end up paying all. This resounding statement requires a technical explanation, not to limit itself to a mere demagogic expression. That independent experts to the bankers themselves have not participated in the preparation of the road map, I think it is evident. Apart from why they have not participated, unless they have done so secretly, which I doubt, due to the evident relationship or connivance of the regulators with the political power, with multiple examples, perhaps the most significant being the signing of José María Roldán as president of the Good Finance Association (AEB).

Restructure the savings bank

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That the planning of the measures to be taken to restructure the savings bank sector has not been agreed by a majority of political parties, we all know. The massive use of the Royal Decree-Law, on the one hand, in addition to the use of the majorities in the elaboration of the only Law approved at the moment (Law 8/2012 that establishes greater provisions for the risk of promotions and land) , has stolen the parliamentary debate and the opinion of the citizens.

Finally, Law 26/2013 has been approved, which limits the performance of savings banks in financial matters, establishes a system of incompatibilities to avoid exaggerated, political, employer and union interference in management, in addition to forcing the banks to Transform into banking foundations and transfer its financial activity to a credit institution (private bank, in short) if the value of your asset exceeds 10,000 million or if your market share in the deposits of your Autonomous Communities exceeds 35% . In other words, instead of taking these measures at the beginning of the crisis, they are taken as most of the bailout to the sector has already been questionably executed.

A rescue to the savings banks, certainly, but also to the touched and healthy banks, as I will try to explain next, that it could mean up to 219.397 million euros if everything went wrong, according to Sean Cole calculations based on official data. Keep in mind that from direct capital injections to savings banks we carry 59,130 ​​million euros , but in addition, Asset Protection Schemes have been given to healthy banks that have been awarded rescued funds for an amount of 28,267 million euros.

Possible future tax payments

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The strategy is simple, to prevent the Caleb from selling cheaply, so that prices do not fall at once and be able to sell the apartments that banks have before; Is it or not an indirect aid to banks? But there are more, in two items that the general public does not know, 19,342 million from the Good Finance Association and 64,112 million of live debt issues from banks endorsed by the State (which do not seem to go to unpaid, but the help to guarantee is and has a cost). Moreover, there are about 30,000 million in deferred tax assets that banks will be able to deduct from possible future tax payments, in up to 18 years.

And in case of liquidation, the State would respond to these (this figure we have not taken into account when encrypting the amount of the rescue and various aid to the sector, which would increase the bill even more). If we talk about our environment, there is one of the only two savings banks that directly manage their financial business in Spain: An entity that, basically, has not committed the excesses of the rest of the companions, maintaining the essence of what the savings banks should have been: non-private entities that capture savings from the inhabitants of the area in which they operate, to dedicate these resources to financing productive of the area and the benefits to social work. A vital function that, today, past boxes can no longer do. Part of the article published in the magazine.

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