Concept

Savings bank (Spain)

Summary
In Spain, a savings bank (caja de ahorros or informally just caja, caixa d'estalvis, caixa de aforros, informally 'caixa', aurrezki kutxa) is a financial institution that specializes in accepting savings deposits and granting loans. Spanish banks fall into two categories: Privately owned banks (bancos) and government owned banks (cajas—literally pay office, or pay desk). The original aim was to encourage thrift among the very poor, but they evolved to compete with and rival commercial banks. Over time, most cajas colluded with regional political establishments to create a self-serving system of unscrupulous financing for regional governments provided by politically stuffed savings banks' boards which, in turn, thrived in what has been defined as "a culture of greed, cronyism and political meddling". This system was exposed in the aftermath of the global financial crisis. As a result, out of the 45 cajas in existence at the start of the crisis in 2007,
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.
Related publications

Loading

Related people

Loading

Related units

Loading

Related concepts

Loading

Related courses

Loading

Related lectures

Loading