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Banks support the Constitution and claim to be subject to Spanish regulation

The AEB and the ECSC support the legal framework to resolve the situation caused by the Declaration of 27 October by the Parliament of Catalonia

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Banks support the Constitution and claim to be subject to Spanish regulation

After several weeks of talks and for second time, ( or was in September 2015), Bank has decided to step out of political and economic crisis of Catalonia. The Spanish Association of Banking (AEB) and confederation that brings toger banks from former Savings Bank, (CECA), have made a joint communiqué to support constitutional order to independence drift of Catalonia. The two associations expressed ir "commitment to Constitution and current legality". They also show ir "full confidence in capacity of this legal framework to resolve situation caused by declaration adopted last Friday, 27 October, by Parliament of Catalonia".

With a language measured and calculated to extreme to try to avoid reactions against its clientele based in Catalonia, banks have come to pass after CaixaBank and Banco Sabadell have had to move ir social headquarters to Valencian Community after Severe deposit leaks.

The communiqué continues to say: "The financial entities integrated in AEB and CECA are subject to Spanish and European regulation, as well as supervision of Bank of Spain and European Central Bank." They are equally committed to complying with laws emanating from our constitutional framework. Being part of banking union enables m to fulfil ir main mission, which is to protect and manage depositors ' savings and to finance growth.

"Living toger in Freedom"

Finally, ECSC, chaired by Isidro Fainé, and AEB, directed by José María Roldán, address political and economic situation, whose figures have begun to deteriorate as some financial institutions have recognized. "The best way to consolidate recovery of economy and employment in Catalonia and in rest of Spain is continuity of collective effort that, from Constitution and Statute of Autonomy, has made possible our coexistence in freedom, "Presence of Spain in Europe and greatest stage of economic and social progress in our common history".

In previous letter, of September 18, 2015, banks warned before autonomic elections of September 27 of " risks that for financial stability would behave any political decision that violate current legality and it will lead The exclusion of European Union and euro from a part of Spain. The exclusion of Catalonia from eurozone, as a result of unilateral rupture of current constitutional framework, would behave that all banks with presence in Catalonia would face serious problems of legal uncertainty. These difficulties would oblige entities to reconsider ir strategy of implementation, with consequent risk of reduction of supply bank and, thus, of financial exclusion and increase and scarcity of credit.

This missive raised a reaction of rejection from different social and political sectors that understood that bank wanted to interfere in electoral process of Catalonia to stop vote to independence positions.


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