Economia & Impresa sociale
Spain: Profits all round for ethical investors
Ethical banking is no longer thought of as an extravagance in Spain, rather it has become a real profit making system that people feel they can trust
di Ges
The traits of the third system explain why there are very differences between ethical and conventional banks in terms of the economic benefits that customers can enjoy. Added to this is the extra benefit that arises from customers feeling satisfied by the ?good? principles these banks are moved by.
In Spain, ethical banks are no longer an extravagance linked to activists and alternative groups. The sector is constantly gaining new customers due to the fact that solidarity and social concerns make up for the economic differences between them and traditional banks. Differences that are smaller than one might expect. According to Jordi Marí, director of an association called ?Fets? (Facts) that gathers together third sector organisations as varied as NGOs, co-operatives, foundations and trade unions, because ethical banks are non-profit organisations they do not have to think of shareholders, which explains why their benefits can go directly to their investors.
Jordi Marí also added that whilst people rather mistrust conventional banks and the financial sector, the general opinion about ethical banks is neutral or positive.
Fets has recently presented a report that observes ethical financing that intends to be a point where organisations and Public Administrations can meet. It is also conceived as a management tool based on ethics and solidarity that will promote research and transparency. Fets has also planned to launch a barometer that will provide a regular outlook of the sector and a seal that will certify the quality of ethical banks.
More info:
www.fets.org
