Relations with government bodies

The public sector is an important growth engine, driver of economic competitiveness and contributor to social welfare. Caja Madrid therefore carries on vigorous and close cooperation with government bodies at all levels to create employment, stimulate industry, boost productivity and generate wealth, always acting on an independent basis and with full autonomy in our decision-making processes. The Group’s positive impact on local economic development in 2008 was evidenced by the €3,332 million it contributed to national Gross Domestic Product, or 0.30% of the total.

This contribution takes the form of active collaboration in a large number of initiatives through agreements with government agencies to support society in relation to some of the more pressing problems: job creation, economic development, promotion of small businesses, the environment, industry, housing, and many others.

These agreements with public sector bodies have given rise to numerous lines of financing:

• Agreement with Avalmadrid to give financial support to the business community through a broad range of products to stimulate and support investment. The beneficiaries are immigrants, persons seeking to set up new businesses, and socially vulnerable groups.
• Agreement with the IDEA alternative energies institution to provide guarantee facilities for financing of renewable energy projects.
• Foro Pro Clima: A line of credit has been set up, in conjunction with the Madrid City Council, to allow local enterprises to finance capital spending to improve their energy efficiency and reduce CO₂ emissions.
• Arrangement with Madrid regional authorities to advance funds to beneficiaries of aid granted under programmes of the different regional government departments.
• Credit facilities set up under an agreement with the Madrid municipal government for alterations and refurbishment works required as a result of findings produced in the official programme of technical inspections of buildings.

Caja Madrid's dealings with government and regulatory agents (Bank of Spain, Spanish Securities Market Commission, etc.) are based on mutual institutional respect and strict compliance with the resolutions of those bodies, ethics and transparency.