2023-10-28 07:24:12
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But every day that passes is different and the world doesn’t stop. We thought that with the pandemic we had seen it all, then came the invasion of Ukraine that revealed many of the weaknesses of our economy, also the change in monetary policy of the ECB and, now, in addition, we must add the delicate, complex and very difficult situation we are experiencing in the Middle East.
The human drama is immense. Irreparable and the higher the level of cruelty and the more denatured we could come to perceive some societies, I believe that with more reason we should value our social well-being. That of this Euskadi, as an industrial country and in which banking plays a relevant role. Banking and Industry, two sides of the same coin and drivers of our well-being, as reflected in our recent FINANCE forum.
Times, however, change. Banking is not what it was and the challenges of the industry are not what they once were.
Banking with great tradition in Euskadi provides financial stability. Regarding the Basque financial ecosystem, around 80% of the external financing of companies in Euskadi comes from banks. In large part, it also does so thanks to our Elkargi guarantee.
It is also true that, as a result of the banking disintermediation processes, as well as European regulations and standards, among other variables, new players and solutions are appearing that companies are beginning to know and use. Alternative financing is growing, it will continue to do so and here too, at Elkargi, we are facilitators so that this money reaches companies.
On the other hand, the industry has a determining weight in our gross domestic product. It lost the relative weight it had, but it still represents around 25% of our GDP and with its related services, it is close to 39%. Their relative contribution and in absolute values is vital. It is the engine of our economy. Essential I would say, in these difficult and volatile times. Therefore, it needs all the financial tools available at its disposal for its management, growth and transformation.
At the center of this banking and industry relationship, Elkargi plays a determining role. In the last three long years at Elkargi we have financed the industry with 800 million euros. The industry represents more than 40% of our portfolio and precisely because neither banking nor industry “are what they were”, we continue to contribute to the growth of projects, with innovative and agile financial solutions, which respond to current needs and, above all, everything, future. Elkargi is no longer what she once was.
From a financial point of view, inflation brought about a rise in rates and in this context of very high uncertainty, companies suffer from it on their margins. In addition, the conditions for access to financing have been tightened. We have been repeating it. Companies must put all their attention on management control, working capital, liquidity and cash management. We can accompany them.
But at the same time, as was stated in the sixth FINANCE cycle, financial diversification today is key. Companies diversify in purchases, suppliers and markets. Those that do not do so should also do so from financial sources. Diversification contributes positively to generating more robust economic-financial structures that are less vulnerable to all the external impacts that we suffer.
Just as the industry is, banking is also fundamental and the growing presence of new alternatives, an opportunity for companies. Banking and industry are “an inseparable binomial” and in this situation, ours and yours Elkargi, which is already much more than it was, will continue to contribute to strengthening this link.
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