The Economy of Catalonia

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Financial institutions with headquarters* 20 in Catalonia: banks, savings banks and credit unions In Catalonia, savings banks (caixes) have played a much more important role in the past than the country’s banks proper. In recent years, however, a radical change has been sparked off by the crisis in the financial system and has led, on the one hand, to the conversion of savings banks into banks and, on the other, to the disappearance of many others which have been absorbed by banking groups with headquarters outside Catalonia. In this respect it is enlightening to take a brief look at how the map of the Catalan financial system has changed in recent years in terms of the financial institutions which have their headquarters there. A summary will be found in Table 1 of the situation of Catalan financial institutions at the end of 2009. In the following paragraphs we outline the most notable changes in the configuration of the Catalan financial system from 2009 to the present. – Catalunya Banc • Merger of Caixa Catalunya, Caixa Tarragona and Caixa Manresa (March 2010) • 12,052 million euros in government bailouts • 66% of the capital owned by the FROB (Fondo de Reestructuración Ordenada Bancaria - Fund for Orderly Bank Restructuring) (December 2012) • 32.4% of the capital owned by the FGDEC (Fondo de Garantía de Depósitos de Entidades de Crédito – Deposit Guarantee Fund of Credit Institutions) arising from the liquidation proposal made to the holders of hybrids. • 1.2% of the capital owned by holders of hybrids who did not accept the liquidation proposal. • 0.45% of the capital in the bank’s own treasury shares 20. Translator’s note: the word «headquarters», as used in this article, can refer to the international head office or, in some cases, to the head office for Spain. 108 The Economy of Catalonia
SAVINGS BANKS Total assets (in millions of euros) Employees Offices Caixa d’Estalvis i Pensions de Barcelona 252,759 25,689 5,318 Caixa d’Estalvis de Catalunya 61,888 6,537 1,155 Caixa d’Estalvis del Penedès 22,817 2,824 633 Caixa d’Estalvis de Sabadell 13,308 1,817 359 Caixa d’Estalvis de Terrassa 12,516 1,447 286 Caixa d’Estalvis de Tarragona 10,890 1,412 302 Caixa d’Estalvis Laietana 8,911 1,083 264 Caixa d’Estalvis de Girona 7,802 1,104 229 Caixa d’Estalvis de Manresa 6,551 813 149 Caixa d’Estalvis de Manlleu 2,638 492 101 Total Catalan Savings Banks 400,080 43,218 8,796 BANKS Total assets (in millions of euros) Employees Offices Banc Sabadell 81,583 9,466 1,180 Deutsche Bank, SAE 16,103 2,538 250 General Electric Capital Bank 2,299 478 9 Banc de la Petita i Mitjana Empresa 687 232 22 Fibanc 514 199 4 Microbank de la Caixa 245 12 1 Privat Bank 99 56 3 Total banks with headquarters in Catalonia 101,530 12,981 1,469 CREDIT UNIONS Total assets (in millions of euros) Employees Offices Caixa de Crèdit d’Enginyers 1,773 272 14 Caixa d’Arquitectes 949 177 28 Caixa Rural de Guissona 327 21 3 Caixa Rural «Sant Fortunat» de Castelldans 9 4 1 Total Credit Unions with headquarters in Catalonia Sources: CECA, AEB and UNNAC* 3,058 474 46 Table 1. Financial institutions with headquarters in Catalonia 31/12/2009 *. Translator’s note: CECA: Spanish Confederation of Savings Banks; AEB: Spanish Banking Association; UNNAC: National Union of Credit Cooperatives. The financial system of an independent Catalonia. 109
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The Economy of Catalonia Questions
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Oriol Amat, Núria Bosch, Antoni Ca
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Contents Preface to the English Edi
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Preface to the English edition This
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Preface (Translated by Jordi Vilano
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Introduction (Translated by Jordi V
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1 The position of an independent Ca
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United States such as Massachusetts
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2010, Catalonia was in 64th place o
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fact, this combination of factors a
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ilar population to Catalonia and sh
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ence in emerging markets, especiall
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fact, the high proportion of multin
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egion in volume of inward investmen
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mega-regions towards sustainability
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also be confronted with the paradox
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the reasons that are emerging for a
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This 47.1% signifies a considerable
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2005 2006 2007 2008 2009 2010 Estim
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and there would be no need for cuts
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centage of freight between Spain an
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to prevent Spain’s point-blank re
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) The effects on markets, especiall
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speak of the coefficient of central
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Bibliographical references Amat, O.
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Rodríguez Mora, J. V. (2012) «Por
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For the purposes of economic analys
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It should also be recalled that the
Page 60 and 61: The reasons for regional economic i
Page 62 and 63: their mind» about European integra
Page 64 and 65: the Copenhagen criteria, which esta
Page 66 and 67: in the European Economic Area, whic
Page 68 and 69: ing the status of member of the Uni
Page 71 and 72: 3.2. In or out of the European Unio
Page 73 and 74: were to veto the request, experts e
Page 75 and 76: In November 2012, Granell expressed
Page 77 and 78: -The regulatory fragmentation that
Page 79 and 80: would have to find alternative solu
Page 81 and 82: economic shocks, any one of which,
Page 83 and 84: In my opinion, an impartial reading
Page 85 and 86: 4 In or out of the euro 4.1. An ind
Page 87 and 88: Analysis of possible scenarios Scen
Page 89 and 90: official currency and financial ins
Page 91 and 92: nisms and the European interbank pa
Page 93 and 94: arising from the integration of a h
Page 95 and 96: 4.2. In or out ofthe euro: certaint
Page 97 and 98: prevent or limit damage to the mult
Page 99 and 100: Let me make a short comment on the
Page 101 and 102: context of a Spain that leaves the
Page 103: Col·lectiu Wilson (2012) «Europe,
Page 106 and 107: termediation, which is performed by
Page 108 and 109: The Catalan financial system The Ca
Page 112 and 113: • The bank was put up for auction
Page 114 and 115: had risen by 16.3%, staff had been
Page 116 and 117: go to Brussels and say that they ha
Page 118 and 119: Appendix This article is complement
Page 120 and 121: The Catalan Public Sector in the Eu
Page 122 and 123: 20% 18% 18.8% 16% 16.2% 15.5% 13.6%
Page 124 and 125: 9% 8% 7.9% 7% 6.5% 6.4% 6.2% 5.8% 5
Page 126 and 127: It is very obvious that Madrid has
Page 128 and 129: Spain Catalonia Generalitat Variati
Page 130 and 131: - Armed Forces: in the form of army
Page 132 and 133: Pérez, F. (DIR), Cucarella, V. and
Page 134 and 135: and to the private sector. Another
Page 136 and 137: 2006 2007 2008 2009 Direct taxes 17
Page 138 and 139: method, that is to say, the expense
Page 140 and 141: itory. The same applies to the prog
Page 142 and 143: 2006 2007 2008 2009 Spanish State e
Page 144 and 145: e obtained. Table 3 shows that the
Page 146 and 147: with the EU in the period 2007-2013
Page 149 and 150: 8 Debt and distribution of assets 2
Page 151 and 152: this study. The difference between
Page 153 and 154: the State’s property and debts on
Page 155 and 156: It may be asked whether the new Cat
Page 157 and 158: The main source of International La
Page 159 and 160: Principles of distribution of asset
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Immovable property of the State con
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Social Security Reserve Fund On con
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Investments according to Additional
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Forecasts Million euros 2007 2008 2
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Possible negotiation scenarios What
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Even if it were only possible to ev
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States that form part of 21st-centu
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Spanish Royal Decree 496/1987, of 1
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Social Security contributions, pens
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ury and its managing agencies (auto
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citizens tend to join the labour ma
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in the economic, social and cultura
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declaration of independence, the bo
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oycott would have a more pronounced
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the will of the people. The great m
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Guinjoan, M. and Cuadras, X. (2011)
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Denmark, Finland, Austria, the Neth
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2012 Company Sector Sales (€m) 1
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Export companies There were 43,176
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Spain, and appreciably more than th
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Conclusions After considering how c
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likely to be in the firing line are
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IDESCAT (2013), based on data from
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the sample represents 20.8% of its
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No opinion Increase the centralisat
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sioners, business people and/or the
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Impact on the Catalan economy In th
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alternative. This is not supported
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More specifically, 94.6% of pension
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37.8% 57.8% 4.4% Yes No opinion No
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fessionally and 47.8% believe it wo
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13 Conclusions: economic certaintie
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having less potential and less per
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Catalonia had been an independent S
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ands and a declining proportion of
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Anton Gasol. Doctor of Economics, f
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The Economy of Catalonia

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