In 2021, the financing by Cajamar to businesses and households had an economic impact at €9,197 million

Financial activity, in terms of contribution to public coffers in the form of taxes and Social Security contributions, represents an impact of €3,854.2 million.

In his speech to the General Meeting of Shareholders held at midday today, the chairman of Banco de Crédito Social Cooperativo - Grupo Cajamar, Luis Rodríguez, gave details of the economic impact on income and employment and the impact on tax revenue generated in 2021 by the financial activity carried out by Grupo Cooperativo Cajamar, both through its own operating expenditure and also, via increases in consumption and investment, through the financing granted to companies and households.

Impacts arising from lending

The financing granted by Grupo Cooperativo Cajamar in 2021, through credits and loans to businesses and households, generated positive impacts on the Spanish economy, as it enabled the recipients of the financing to increase their consumption and investment. These impacts, estimated at €9,197.4 million of income and 160,390 jobs, are set out in detail in the Ivie (Instituto Valenciano de Investigaciones Económicas) publication "Economic Impact of Grupo Cooperativo Cajamar 2021" (link to complete report, in Spanish), edited by Joaquín Maudos in collaboration with Eva Benages, Amadeo Fuenmayor and Rafael Granel. The study shows that every 1 euro of loans granted by the Cajamar Group to the private sector translates into 1 euro of income and that every 1 million euros of loans fuels the creation of 17.4 jobs.

Besides the economic impacts on income and employment, the report also quantifies the increase in government revenue in the form of taxes and social security contributions. The economic activity generated by Grupo Cooperativo Cajamar through the financing granted to businesses and households is estimated to produce €3,854.2 million of public revenue, 35.2% from indirect taxes and 64.8% from direct taxes (including social security contributions).

Impacts arising from operating expenditure

In addition to the impacts generated by Grupo Cooperativo Cajamar through the financing it grants, the Group also generates impacts on income, employment and public revenue through its everyday operations. The Group’s operating expenditure translates into €793.9 million of income, 12,400 full-time jobs and €354 million of government revenue.

Direct contribution to GDP and regional distribution of impacts

Grupo Cooperativo Cajamar’s direct contribution to GDP is estimated at €783 million, using the methodology of the European System of National Accounts.

The regional distribution of the Group’s economic impacts is proportional to the Group’s revenue in each of Spain’s autonomous communities. Almost three quarters of the impacts are concentrated in the Valencian Community (29.6% of the total impact, i.e. €2,955 million of income and 51,102 jobs), Andalusia (27.1%, €2,710 million of income and 46,859 jobs) and the Region of Murcia (16.9%, €1,689 million of income and 29,213 jobs).

For Joaquín Maudos, who is a professor at the Universitat de València and deputy director of the Ivie, the results of this report demonstrate “Grupo Cajamar’s major contribution to wealth creation in the Spanish economy. The Group’s impact goes well beyond its direct contribution, since Cajamar’s operating expenditure and the consumption and investment it finances through the loans it grants to companies and households give rise to further indirect and induced impacts along the value chain”.