Legal tip 211. Savings banks and Community services
Tuesday, January 12, 2010 @ 10:12 AM
Good news for the strengthening of the balance in the financial system. Yes: Spain has a nice history on community orientation of a special type of finantial actors: the Saving Banks.
Its origin is linked to a type of charitable institutions: Montes de Piedad ( Monte de Pietá in italian), which were created in Italy in XVth century by Franciscans as a way to fight usury and which lended money without interests to cover primary needs.
While earnings of these institutions in Spain fell 27% during January-September of 2009, the fund for community services was increased a 1,5 % up to 3672 million euros.
Oh yeah! Keep it coming!
Maria
www.costaluzlawyers.es
Winter survivors by Tochis at Flickr.com
(74).jpg)