Pamplona, January 24th (EFE). – Javier Alemán Alonso, a doctor of humanities and social sciences from the Public University of Navarra, has investigated the status of ethical banking in Spain and shed light on their financial solvency, far from the maximum profit target pursued by traditional banks and growth in capitalization and clients during the financial crisis.
In his thesis, Alemann explains how the outbreak of the 2007 crisis and its consequences, including the rescue of traditional banks, led to the emergence of ethical banking, “one of the most innovative and interesting phenomena in recent years” and may be it. Public, private, or mixed, and according to their functions, central, commercial, credit, agricultural, mortgage or other banks.
For this reason, it has evaluated a new rating standard based on the purpose each entity pursues, “sometimes advertised and sometimes concealed, but inevitably determines the future of its actions,” and indicates that ethical banking should not be confused with other types of financial institutions such as ethical and solidarity funds. Or micro-credit or corporate social responsibility (CSR).
In this sense, it defines that ethical banks are characterized by adopting a series of values and principles included in an ethical code, which they must then put into practice in all their financial activities, among the most important of which are social control over financial activity, great transparency and the absence of a profit motive.