Report suggests Spanish banks have lessons for other countries


Spanish cajas, their bailouts and their restructuring may provide lessons for other countries with some government ownership of banks. This is the conclusion of an article in July’s edition of Public Money and Management.

The article, Public corporate governance of state-owned enterprises, takes a detailed look at the Spanish banking industry and the state owned cajas which represent half of the sector.

The banks have multi-level governance arrangements with numerous different stakeholders that they are accountable to. The paper suggests that the differing objectives of these stakeholders, which include central government, local government and municipal corporations, leads to difficulties in restructuring or modernising the banks.

July’s edition of Public Money and Management also includes an article on how, despite a complicated political system, a general election and a coalition formation period which spent a large amount of time concentrating on state reform rather than fiscal measures, the Belgian government has largely managed to pull the country out of recession.



CIPFA Press Office

T: 020 7543 5600



CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.

About Public Money and Management

PMM is an independent review of policy, management and finance in the public services. Articles are reviewed by academics and practitioners to ensure quality and practical impact. PMM is owned and managed by CIPFA, which wishes it to be regarded as a neutral forum for debate and dissemination of knowledge. PMM has a multidisciplinary audience. It publishes articles which contribute new knowledge as a basis for policy or management improvements, or which reflect on evidence from public service management and finance. Readers include officials in all types of public service organizations; academics; consultants and advisers working with the public services; voluntary (third) sector organizations delivering public services; politicians; journalists; and students on both academic and professional courses. The editors welcome articles about developments outside the UK which offer clear lessons for British or other western practitioners.