Candido Mendez, UGT general secretary, and Ignacio Fernandez Toxo, his counterpart at CCOO, rejected what they call the “penetration of banking services” into savings banks, in a process which they feel will have a “very negative” impact on employment. Mr. Toxo said this was an attempt to “throw civil society out of the control of a substantial part of the Spanish financial system” with a “radical” change of the banks’ legal nature. The CCOO’s leader pointed out that he agreed that the financial system had to be reviewed but that he refused the “privatization of the closest thing to a public banking network in Spain.” For his part, Mr. Mendez said that the reform would entail “the death of savings banks as we know them” since they will become banks and that the process might have “very bad consequences on employment.”
ancial system” with a “radical” change of the banks’ legal nature. The CCOO’s leader pointed out that he agreed that the financial system had to be reviewed but that he refused the “privatization of the closest thing to a public banking network in Spain.” For his part, Mr. Mendez said that the reform would entail “the death of savings banks as we know them” since they will become banks and that the process might have “very bad consequences on employment.”
Decree-law No. 11/2010 “on government st
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