The Spanish Banking Association (AEB), CECA and the National Union of Credit Cooperatives (Unacc) held the event “Simplify to grow. The contribution of the banking sector”, where they assessed the banking sector’s contribution to the economy and society, and the importance of making progress in simplifying the regulatory framework to drive growth and competitiveness.
At the event, the banking associations presented the main lines of the report “The contribution of the banking sector to economic growth and social progress”, which highlights the wide range of functions performed by banking in the financial sphere and its essential contribution to households, businesses and public administrations.
The report sets out the key role of banking in meeting financial needs, such as enabling 470,000 households to access housing and allowing Spanish companies to receive €400 billion in financing, representing a quarter of national GDP. Bank financing is agile and accessible, with the lowest interest rates in the euro area, around 50 basis points below the average, both for home loans and for SME lending. In addition, the sector channels a large share of its financing towards promoting sustainability and innovation, with social, green and sustainability-linked loans, which have reached €160 billion over the last three years.
Operationally, the sector supports thousands of citizens’ day-to-day transactions, from more than 5 billion direct debits and transfers to instant payment options, with almost 30 million Bizum users and 35 transactions per second. This role also extends to collaboration with public administrations, managing more than 1 billion transactions and more than €10 billion in taxes. In addition, the sector itself allocates 43 out of every 100 euros generated in Spain to the payment of taxes.
In addition to the sector’s essential role in households’ and businesses’ projects, it also has a firm social commitment. On the one hand, it defends financial inclusion, maintaining the second-densest branch network in the euro area alongside an omnichannel banking model in which digital banking users already account for three quarters of the total. On the other hand, it promotes financial education, launching various initiatives that have enabled 3.5 million people to receive financial and digital training. In this area, AEB, CECA and Unacc announced the launch, starting tomorrow, of a cybersecurity awareness campaign, “In the digital world, be just as vigilant”, together with ASNEF.
In addition, another report was presented at the event, setting out proposals to simplify the regulatory framework, avoiding duplication, improving accountability and ex-post evaluation, and incorporating greater proportionality in regulation.
Alejandra Kindelán, Chair of AEB, underscored the importance of simplifying regulation and supervision so that banks can fully deploy their potential to finance households and businesses, thereby boosting competitiveness across Europe. “We are living through a decisive moment, full of challenges and, above all, opportunities that we cannot afford to miss. Now is the time to act and to build together the future we want.”
Kindelán shared these proposals in a dialogue with Matilde García Duarte, Chair of the National Association of Large Distribution Companies (ANGED); Julián Núñez, Chair of the Association of Construction and Infrastructure Concession Companies (SEOPAN); and Pedro Barato, Chair of the Young Farmers’ Agrarian Association (ASAJA). All of them highlighted the importance of driving regulatory simplification as a lever for growth and competitiveness.
The event, held at Espacio Caminos in Madrid, concluded with closing remarks by the Director General for Economic Policy at the Ministry of Economy, Trade and Enterprise, Javier Muñoz Moldes.
