European banking associations sign high-level SMEs financing principles
In 2017, companies associated with the CECA sector have granted more than 45,000 million new credits to SMEs. In the same year, the European Savings and Retail Banking Group (ESBG), together with other European associations, signed a series of high-level principles for SMEs financing. The latest objective of this initiative is to contribute to the development of the business network and to encourage economic progress through the main pillar of the Spanish economy, SMEs. The banking industry aims to strengthen the ecosystem of growth in Europe cooperating with all stakeholders. After signing the principles, Chris de Noose, CEO of ESBG, stated: “These principles will be more efficient if they are implemented in a way that respects the European banking sector's diversity and, therefore, criteria of proportionality are established to European regulations".
The companies associated with CECA use these principles to guide their activities, as well as complying with current regulations, such as the Law 5/2015 on promoting business financing.