Banks and their poor regulation and control are primarily responsible for the current crisis. The experiences of the United States and Europe clearly show the responsibility of the banks, and the citizens confirm that belief. Criticism of the banking system in the Spanish State and in Hego Euskal Herria is above the European average.

In any case, it is paradoxical that other factors that have had a great deal to do with the crisis, such as the traditional aspect or the media corporation, have suffered tremendous deterioration, have strengthened the position of the large banks. For example, most surveys repeat that bipartisanship in the Spanish State has lost about 25 points in terms of vote intention and that major newspapers have lost 40% of their readers. On the contrary, the market share of the main banks of the State is at its historical peak: before the crisis, the banks did not receive 50% of the deposits of the citizens, since the banks were the majority, but today 90% of the deposits are in the hands of the banks. As you know, the disappearance of the banks has led to restructuring in the sector and most of the deposits in the banks have gone to the banks.

On the other hand, most of the losses of state banks at the beginning of the decade come from the EUR 90 billion estimated by the European Commission. The Government has already lost more than a third of that amount, but in the future we will see that that amount is going to increase further. For all these reasons, the financial institutions of the Spanish State have regained the highest level of profitability. However, 2014 has been the best year for banks – according to data from the Bank of Spain – as net profits have risen by 36% compared to the previous year. Some forecasts for 2015 point to a further increase in profits. The extraordinary lines of financing opened by the European Central Banks and the beneficial treatment received from the Treasury have had a great deal to do with the growth of profitability. Indeed, this improvement in performance has occurred at the time when the bank’s turnover falls, the main indicator is the recent drop in credit volume. Finally, the additional reason for the revitalisation of the banking business is the tremendous loss of jobs in the sector, with 60,000 fewer jobs than in 2008 and a 30% reduction in the office network.

However, the decline in profitability before the crisis has become a concern of the financial power of the State, particularly with the drop in interest rates. Against this, it is intended to promote the merger and absorption of banks, especially among smaller financial institutions, such as Kutxabank. As usual, financial elites are thirsty for oligopolistic power, and the risk of the financial model moving further away from people’s basic needs is obvious.

However, there are the first signs of another financial model in the hands of the experiences of financial institutions such as Fiare, Coop57, Triodos… that are building and disseminating their values of cooperation and solidarity attached. In addition to the political response, financial consumers can also seek solutions in this important area. We have a responsibility to spread the seeds of the future solidarity and committed financial model, so that we are all the winners.