World Library  
Flag as Inappropriate
Email this Article
 

Kutxa

Gipuzkoa Donostia Kutxa
Industry Financial services
Founded 1990
Headquarters San Sebastián, Basque Autonomous Community, Spain
Key people
Xabier Iturbe (Chairman)
Products Banking, insurance
Website www.kutxa.net
Footnotes / references
BIC/SWIFT code: CGGKES22 (up to 2014)
Main entrance to Kutxa headquarters in San Sebastián

The Kutxa (pronounced ; short for "Savings Bank of Gipuzkoa and San Sebastián") is a savings bank mainly operating within a regional scope in the Gipuzkoa province of Spain. Its Spanish name is Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián but it was re-branded as Kutxa. On 1 January 2012 it merged with other Basque financial entities (a "loose merger"), Bilbao Bizkaia Kutxa (BBK) and Caja Vital Kutxa, to form Kutxabank.

Contents

  • Government 1
  • History 2
  • Latest developments 3
  • Companies of which Kutxa holds shares 4
  • Criticism 5
  • References 6
  • External links 7

Government

Kutxa building in San Sebastián

Kutxa, like the rest of Basque savings banks, was founded in the years following the definite

  • Kutxa website

External links

  1. ^
  2. ^
  3. ^
  4. ^ Data not updated
return p

end

', table.concat(classes, ' '), s )
%s
function p._hatnote(s, options) checkType('_hatnote', 1, s, 'string') checkType('_hatnote', 2, options, 'table', true) local classes = {'hatnote'} local extraclasses = options.extraclasses local selfref = options.selfref if type(extraclasses) == 'string' then classes[#classes + 1] = extraclasses end if selfref then classes[#classes + 1] = 'selfref' end return string.format( '

function p.hatnote(frame) local args = getArgs(frame) local s = args[1] local options = {} if not s then return p.makeWikitextError( 'no text specified', 'Template:Hatnote#Errors', args.category ) end options.extraclasses = args.extraclasses options.selfref = args.selfref return p._hatnote(s, options) end


-- Hatnote -- -- Produces standard hatnote text. Implements the template.


function p._formatLink(link, display) -- Find whether we need to use the colon trick or not. We need to use the -- colon trick for categories and files, as otherwise category links -- categorise the page and file links display the file. checkType('_formatLink', 1, link, 'string') checkType('_formatLink', 2, display, 'string', true) link = removeInitialColon(link) local namespace = p.findNamespaceId(link, false) local colon if namespace == 6 or namespace == 14 then colon = ':' else colon = end -- Find whether a faux display value has been added with the | magic -- word. if not display then local prePipe, postPipe = link:match('^(.-)|(.*)$') link = prePipe or link display = postPipe end -- Find the display value. if not display then local page, section = link:match('^(.-)#(.*)$') if page then display = page .. ' § ' .. section end end -- Assemble the link. if display then return string.format('%s', colon, link, display) else return string.format('%s%s', colon, link) end end

function p.formatLink(frame) local args = getArgs(frame) local link = args[1] local display = args[2] if not link then return p.makeWikitextError( 'no link specified', 'Template:Format hatnote link#Errors', args.category ) end return p._formatLink(link, display) end


-- Format link -- -- Makes a wikilink from the given link and display values. Links are escaped -- with colons if necessary, and links to sections are detected and displayed -- with " § " as a separator rather than the standard MediaWiki "#". Used in -- the template.


function p.makeWikitextError(msg, helpLink, addTrackingCategory) -- Formats an error message to be returned to wikitext. If -- addTrackingCategory is not false after being returned from -- Module:Yesno, and if we are not on a talk page, a tracking category -- is added. checkType('makeWikitextError', 1, msg, 'string') checkType('makeWikitextError', 2, helpLink, 'string', true) yesno = require('Module:Yesno') local title = mw.title.getCurrentTitle() -- Make the help link text. local helpText if helpLink then helpText = ' (help)' else helpText = end -- Make the category text. local category if not title.isTalkPage and yesno(addTrackingCategory) ~= false then category = 'Hatnote templates with errors' category = string.format( '%s:%s', mw.site.namespaces[14].name, category ) else category = end return string.format( '%s', msg, helpText, category ) end

function p.formatPageTables(...) -- Takes a list of page/display tables and returns it as a list of -- formatted links. Nil values are not allowed. local pages = {...} local links = {} for i, t in ipairs(pages) do checkType('formatPageTables', i, t, 'table') local link = t[1] local display = t[2] links[i] = p._formatLink(link, display) end return links end

function p.formatPages(...) -- Formats a list of pages using formatLink and returns it as an array. Nil -- values are not allowed. local pages = {...} local ret = {} for i, page in ipairs(pages) do ret[i] = p._formatLink(page) end return ret end

function p.findNamespaceId(link, removeColon) -- Finds the namespace id (namespace number) of a link or a pagename. This -- function will not work if the link is enclosed in double brackets. Colons -- are trimmed from the start of the link by default. To skip colon -- trimming, set the removeColon parameter to true. checkType('findNamespaceId', 1, link, 'string') checkType('findNamespaceId', 2, removeColon, 'boolean', true) if removeColon ~= false then link = removeInitialColon(link) end local namespace = link:match('^(.-):') if namespace then local nsTable = mw.site.namespaces[namespace] if nsTable then return nsTable.id end end return 0 end

local function removeInitialColon(s) -- Removes the initial colon from a string, if present. return s:match('^:?(.*)') end

local function getArgs(frame) -- Fetches the arguments from the parent frame. Whitespace is trimmed and -- blanks are removed. mArguments = require('Module:Arguments') return mArguments.getArgs(frame, {parentOnly = true}) end


-- Helper functions


local p = {}

local libraryUtil = require('libraryUtil') local checkType = libraryUtil.checkType local mArguments -- lazily initialise Module:Arguments local yesno -- lazily initialise Module:Yesno


return p-------------------------------------------------------------------------------- -- Module:Hatnote -- -- -- -- This module produces hatnote links and links to related articles. It -- -- implements the and meta-templates and includes -- -- helper functions for other Lua hatnote modules. --

end

', table.concat(classes, ' '), s )
%s
function p._hatnote(s, options) checkType('_hatnote', 1, s, 'string') checkType('_hatnote', 2, options, 'table', true) local classes = {'hatnote'} local extraclasses = options.extraclasses local selfref = options.selfref if type(extraclasses) == 'string' then classes[#classes + 1] = extraclasses end if selfref then classes[#classes + 1] = 'selfref' end return string.format( '

function p.hatnote(frame) local args = getArgs(frame) local s = args[1] local options = {} if not s then return p.makeWikitextError( 'no text specified', 'Template:Hatnote#Errors', args.category ) end options.extraclasses = args.extraclasses options.selfref = args.selfref return p._hatnote(s, options) end


-- Hatnote -- -- Produces standard hatnote text. Implements the template.


function p._formatLink(link, display) -- Find whether we need to use the colon trick or not. We need to use the -- colon trick for categories and files, as otherwise category links -- categorise the page and file links display the file. checkType('_formatLink', 1, link, 'string') checkType('_formatLink', 2, display, 'string', true) link = removeInitialColon(link) local namespace = p.findNamespaceId(link, false) local colon if namespace == 6 or namespace == 14 then colon = ':' else colon = end -- Find whether a faux display value has been added with the | magic -- word. if not display then local prePipe, postPipe = link:match('^(.-)|(.*)$') link = prePipe or link display = postPipe end -- Find the display value. if not display then local page, section = link:match('^(.-)#(.*)$') if page then display = page .. ' § ' .. section end end -- Assemble the link. if display then return string.format('%s', colon, link, display) else return string.format('%s%s', colon, link) end end

function p.formatLink(frame) local args = getArgs(frame) local link = args[1] local display = args[2] if not link then return p.makeWikitextError( 'no link specified', 'Template:Format hatnote link#Errors', args.category ) end return p._formatLink(link, display) end


-- Format link -- -- Makes a wikilink from the given link and display values. Links are escaped -- with colons if necessary, and links to sections are detected and displayed -- with " § " as a separator rather than the standard MediaWiki "#". Used in -- the template.


function p.makeWikitextError(msg, helpLink, addTrackingCategory) -- Formats an error message to be returned to wikitext. If -- addTrackingCategory is not false after being returned from -- Module:Yesno, and if we are not on a talk page, a tracking category -- is added. checkType('makeWikitextError', 1, msg, 'string') checkType('makeWikitextError', 2, helpLink, 'string', true) yesno = require('Module:Yesno') local title = mw.title.getCurrentTitle() -- Make the help link text. local helpText if helpLink then helpText = ' (help)' else helpText = end -- Make the category text. local category if not title.isTalkPage and yesno(addTrackingCategory) ~= false then category = 'Hatnote templates with errors' category = string.format( '%s:%s', mw.site.namespaces[14].name, category ) else category = end return string.format( '%s', msg, helpText, category ) end

function p.formatPageTables(...) -- Takes a list of page/display tables and returns it as a list of -- formatted links. Nil values are not allowed. local pages = {...} local links = {} for i, t in ipairs(pages) do checkType('formatPageTables', i, t, 'table') local link = t[1] local display = t[2] links[i] = p._formatLink(link, display) end return links end

function p.formatPages(...) -- Formats a list of pages using formatLink and returns it as an array. Nil -- values are not allowed. local pages = {...} local ret = {} for i, page in ipairs(pages) do ret[i] = p._formatLink(page) end return ret end

function p.findNamespaceId(link, removeColon) -- Finds the namespace id (namespace number) of a link or a pagename. This -- function will not work if the link is enclosed in double brackets. Colons -- are trimmed from the start of the link by default. To skip colon -- trimming, set the removeColon parameter to true. checkType('findNamespaceId', 1, link, 'string') checkType('findNamespaceId', 2, removeColon, 'boolean', true) if removeColon ~= false then link = removeInitialColon(link) end local namespace = link:match('^(.-):') if namespace then local nsTable = mw.site.namespaces[namespace] if nsTable then return nsTable.id end end return 0 end

local function removeInitialColon(s) -- Removes the initial colon from a string, if present. return s:match('^:?(.*)') end

local function getArgs(frame) -- Fetches the arguments from the parent frame. Whitespace is trimmed and -- blanks are removed. mArguments = require('Module:Arguments') return mArguments.getArgs(frame, {parentOnly = true}) end


-- Helper functions


local p = {}

local libraryUtil = require('libraryUtil') local checkType = libraryUtil.checkType local mArguments -- lazily initialise Module:Arguments local yesno -- lazily initialise Module:Yesno


-- Module:Hatnote -- -- -- -- This module produces hatnote links and links to related articles. It -- -- implements the and meta-templates and includes -- -- helper functions for other Lua hatnote modules. --


References

The Caja Navarra in Navarre, one that refused to join a merger of Basque-Navarrese savings banks in the 2000s.

The Conservative Spanish Government has pointed to a necessity for transparent and efficient management, but it is itself badly affected by corruption scandals by 2015 (arrest of Rodrigo Rato, former Bankia president, ex-vice Prime Minister, and ex-president of the IMF). The two main Basque political parties, as well as grass-roots associations have voiced their concern for the transformation of the institution.

Despite their remarkable performance in the Basque and Spanish context, the Basque savings banks have got directly entangled in the general measures exacted by the Spanish Government on banking. The 2013 governmental decisions, reportedly meant to target bankrupt and mismanaged financial institutions, made no operative distinctions between healthy or corrupt banks. The central government's measures also point to additional political implications in that they may overrule existing Basque attributions and powers on banking and foundations, as set out on the Basque Statute of Autonomy.

Criticism

Kutxa holds shares of a wide variety of companies (investment funds, financial ones, insurances, industry, services, etc.).[4] Among the most significant shares are an 11% of the Construcciones y Auxiliar de Ferrocarriles (C.A.F.), 22.98% of Euskaltel, 9.98% of Banco Guipuzcoano, 3,01% of Zeltia, 5% of Grupo Recoletos, 3% of NH Hotels, 17% of Ingelectric, 41,73% of Ibermática, etc.

Companies of which Kutxa holds shares

The General Assembly, united in session held on 23 October 2014, decided the conversion of Kutxa into a bank foundation and passed new statutes regulating the institution. The decision supported by the representatives of political parties PNV, PSE, PP, union CCOO, and association Pixkanaka, followed like decisions made by their peer financial institutions in Álava (Vital Kutxa) and Biscay (BBK). A proposal to convert Kutxa into a regular foundation put forward by the Regional Government of Gipuzkoa and representatives of EH Bildu was rejected after heated debate.[2] On 26 October 2014, the results of the latest stress test carried out by the European Central Bank on European banks confirmed Kutxabank, integrated by Kutxa, as the healthiest financial institution in Spain (data for late 2013), doubling the minimum requirements imposed by the European test.[3]

After the bankruptcy of a number of Spanish banks and their rescue by the Spanish public coffers, the European financial institutions conditioned a bailout to Spain on a requirement to the Madrid Government to transform the organizational structure of the savings banks and the liberalization of their capital share, exposing them to the domestic and international financial market.

The move to form Kutxabank in 2012 did not result in a full-blown merger. Instead the management boards of each savings bank opted to keep their own identity and certain autonomy, a decision coming in for strong objections led by circles close to the Basque nationalist left, who initially opposed any convergences but eventually advocated for a complete merger.

Latest developments

The origins of Kutxa go back to 1879, when the ‘’Caja de Ahorros y Monte de Piedad Municipal de San Sebastián’’ was founded in the city of San Sebastián with a view to providing credit for business. In 1896 the ‘’Caja de Ahorros Provincial de Guipúzcoa’’ followed. In 1990 both entities merged into a single savings bank, hereafter known by the commercial name of Kutxa. In 2006 it had 128 offices in Gipuzkoa, where it was the first financial entity, and some other 145 offices out of this territory. It then commenced a steady expansion period. Its staff amounted in 2006 to above 2,500 employees. However, since the eruption of the economic crisis (2008) and the savings banks’ merger, Kutxa has undergone a restructuring, cutting down significantly the amount and distribution of Kutxa branches.

History

  • The General Assembly: 79 seats representing the founding agencies (14 seats), private depositors (36), town councils where the savings bank holds branches (14), operative staff (6), organizations representing collective interests (4), and those representing the historic territory of Gipuzkoa (5). It holds a regular session once a year.
  • Administration Board: Deputy organ appointed by the General Assembly in charge of the administration and management of the financial institution, as well as its Community Fund (“Gizarte Ekintza/Obra Social”). Its 15 independent deputies are elected by the General Assembly.
  • Investment Commission: It holds the responsibility of notifying the Administration Board of strategic and stable investments due for approval.
  • Audits Commission: An informative and consultive organ in charge of monitoring election and appointment processes, renewal and cover of vacants occurring in the Institutional Governing Organs, as well as informing the Control Commission as set out by the Act 11/2011, 14 June, of the Savings Bank of the Basque Autonomous Community.
  • Community Fund Commission: Organ in charge of ensuring the due operation of the Community Fund.

[1]

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.