“Credit is a human right”

Banking and ethics seem two very contradictory terms to go together. However, credit union projects have emerged whose interests can not be more contrary to those of traditional banks.

For some time now, people have spoken to me about Fiare as an ethical and cooperative bank that cares about people. According to his project, Fiare are two things: A network of people and organizations that want to create alternatives within the financial market to build an economy with other values, at the service of a more just society. And it is also a company that operates in Spain as an agent of Banca Popolare Etica, an Italian credit cooperative.

Photograph of the Fiare website

As a bank, it offers all kinds of products and services, without losing its characteristics of non-profit , cooperative democracy and construction from the bottom up. All this without losing its status as a supervised entity, attached to a Deposit Guarantee Fund in the European Union.

The most important thing for them is their social base, divided into different territorial associations that expand the ethical banking project and organize the activities of those who have participation in the social capital.

As of October 30, 2013, the capital stock raised amounted to 4,461,389 euros, disbursed by 4,535 individuals and legal entities. Fiare f inancia projects that have a positive social impact and grants two types of loans: personal and mortgage.

They consider credit as a human right and its members make decisions about the destination of their savings, about their credit applications or their investments with responsibility, based on reliable and sufficient information.


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    “They consider credit as a human right and its members make decisions about the destination of their savings, about their credit applications or their investments with responsibility, based on reliable and sufficient information.”

    That is supposed to be a bank. What happens is that people fail and are wrong or even have selfish attitudes. That phrase sounds great and I hope this project goes ahead, because it seems interesting, but that phrase is just an idea. The key is: how to make “decisions about the destination of your savings, about your credit applications or your investments with responsibility, based on reliable and sufficient information”. Especially the final part of the information. I think it’s a toast to the sun.

    13 December 2013 | 09:19

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    It seems to me a great idea, but let’s not forget that the savings banks were created with the same objective and that it was the greed of the managers (handpicked by the political parties) that made them the predators they are. Trying to earn more and more money at the expense of the client.

    We also have the healthy consistency of allowing these tiparracos get away with it and remain free (a shame the guillotines catching dust) when we are the rest of contributors who provide more and more capital so that these boxes do not sink.

    13 December 2013 | 09:23

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    I have been searching for alternative banking models for a while to get out of Bankia and leave them with their scams, their scams and their lack of ethics and professionalism.
    I think Fiare is a better model than what we currently have, although I think I should take it a step further.
    Initially, although it will soon be able to start providing the services that any consumer requires from a financial institution (direct debit, payroll, cards, etc.), their business is directed, if I am not mistaken, towards cooperatives and companies that have a positive social impact ( perform an ethical evaluation, in addition to the economic one).
    And above all, any saver can see where his money has gone and who has received credits (and for what).
    But, I think that the interests that it charges (although they are defined as “non-profit”) seem high to me, although they are lower than those of traditional mass destruction banks.
    Anyway, it seems a very good alternative to have my money and as soon as it is fully operational I will consider it as a good alternative.

    13 December 2013 | 10:17

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    Man @Victor should be like that, right?
    Let’s first see ethics and good repute. If I treat you honestly, I give you the necessary information for your efforts and complement your decisions with my knowledge of the system. It is normal for you as a client to come back and bring more clients.

    But since banks are a monopoly (is it possible to live without them?) It is easier for them to corrupt themselves.

    For this there are laws.
    That lias and cheats your customers: Jail.
    That the deception is so huge that the entire country has to cover your scams: Punishment for BETRAYAL to the state (life imprisonment or capital punishment).

    And only with those two laws (and just judges) would it be enough for this not to happen again.

    13 December 2013 | 11:10

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    A round of applause for Brisha, you can say shouting but no more clear and more accurate, just clarify that in the savings banks let go politicians …

    13 December 2013 | 11:18

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    Amen Brisha, you said it, with a guillotine penalty catching dust and with how easy it would be, to solve certain asuntejos quickly and effectively. Pim pam pigs outside.
    If there were more people thinking that way, they would dare to demonstrate and mobilize seriously, another rooster would sing to us.
    Let me know that I wear the first one and I have a list of susceptibles to go through the scaffold. I have plenty of names and we were going to lack time, among those who are living at my expense and yours, those who are going on paid vacations (Parot lottery) and those who would not enter because they would first walk through the slaughterhouse , we were going to be like God and the Holy Virgin. Amen again.

    13 December 2013 | 15:26

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    The Government will approve this Friday (as published this Monday Cinco Días and Voz Pópuli) an endorsement that will guarantee Spanish financial institutions the collection of the so-called deferred tax assets (DTA, for its acronym in English). It is another rescue – another one from the State to the bank; in this case for an amount of 30,000 million euros, which only time will tell whether the taxpayer has to pay or not.

    Deferred tax assets in the main financial entities

    What are DTAs? As explained by the International Monetary Fund (IMF) itself in its last review report to the Spanish financial system, it is a type of “low quality” asset that banks have written on their balance sheet after having suffered losses. It is smooth and basically a legal tool that has allowed them to reduce the tax burden for the future, but for that they have to achieve benefits in that horizon. In total, Spanish financial institutions accumulate more than 70,000 million DTA in their balance sheets, for which they would need between 100,000 and 130,000 million profits in the coming years (it does not seem easy).

    The problem is that the old banking solvency regulation (known as Basel II), allowed these DTAs to be counted within the so-called regulatory capital, that is, the one that is the minimum required for an entity to be considered viable. But this is ending: The new and imminent banking regulation (Basel III) will not allow these deferred tax assets to be targeted as first quality capital (the one that is more liquid, the one that first absorbs the losses) unless we can guarantee that are effectively liquid assets and executable when necessary. This is where the public ransom comes into play.

    The Government, after massive pressure from the banking lobby, has given way and has chosen to guarantee the collection of these fiscal assets. The guaranteed total will amount to 30,000 million (I was short, published 25,000 million a few weeks ago) and will involve a disguised recapitalization of some 50,000 million for financial institutions that, in theory, were healthy. And as the IMF report shows, for banks like Sabadell and Bankia the DTAs represent more than 60% of their principal capital (the solvency of these entities depended mostly on the generation of future and unearned tax rights!) , and between 15% and 30% for the other three large ones: Santander, Caixabank and BBVA.

    That is to say, that without this rescue through an explicit endorsement of the deferred tax assets, the Spanish banking system would be, as a whole, in a situation of insolvency practice. It is easy to understand why the pressure exerted by the entities on the Government in recent times.

    Follow @nicolasmsarries

    13 December 2013 | 22:04

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