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摘要

Savings banks (cajas) play a unique and sometimes controversial role in the Spanish economy. The 46 regionally based institutions account for about 50% of the financial services market, meaning that half of Spain's banking sector is set to remain indefinitely outside the reach of shareholder control. For non-profit making institutions, the cajas run themselves on aggressively commercial lines, exerting a competitive pressure on listed banks that is widely seen as positive. Although they are allowed to buy commercial banks, the cajas' special status as private foundations protects them from takeover. Akin to mutual societies, with boards made up from regional government, employee, customer and other local representatives, they are also free (at least in theory) to pursue costly growth strategies without the worry of shareholders to report to or remunerate.