Confederación Española de Cajas de Ahorros

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Financial and support services

Discount Centre

CECA provides interbank clearing services of holdings, centralizing operations with bills of exchange, bills and other document types (both physical and electronic) which are presented for collection by credit institutions, keeping them in safekeeping until their collection, for relations with the institutions, it has the most advanced technology, both online and batch.

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Securities Department

It centralizes the processing of variable income and fixed income securities. These services, which are provided to Savings Banks and other credit institutions as well as to other institutional clients, comprise those related to custody and settlement of national and international securities, management of financial operations, payment of dividends, bonuses for attendance at Meetings, amortizations and coupons, among others. It also provides personalized information for each client (including tax information).

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Fund Depository Department

It exercises functions of central operations support as regards the depository, supervision and control of investment funds, investment companies and pension funds. Within these functions we find CECA’s own activity as Investment and Pension Fund Depository. Furthermore, the Confederations shares with some credit institutions a tool for the supervision and control of fund depository activity.

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Exchange and Settlement Centre

With respect to exchange, clearing and settlement services, CECA has a centre where operations are managed, either through electronic procedures and systems or by the treatment of paper documents, all as a direct consequence of the Confederation’s participation in the representation of some Savings banks and other entities with national and international payment systems.

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Cash Department

CECA provides cash supply services to Savings bank branches within the Community of Madrid.

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Centralized Account Administration

It administers and manages CECA’s asset and liability current accounts. It is also responsible for the comprehensive operations management of the agreements with institutions and large companies signed by the Savings Banks and the Confederation, as well as the administration of loans and guarantees, both given and received by the bank.

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Trading Room

The Confederation, from its Financial Division (Treasurer’s Department) acts as just another financial institution in all markets, providing financial services to Savings Banks, entities from the environments of the Savings banks and many other counterparts, both in national and international markets (Central banks, Treasury and Corporate Multinationals included), performing its activity in a total of 39 different currencies, including the Euro. The operations are performed on its own account and also managing the flows originated as a consequence of the services provided and, in this regard, trading, market-making and proprietary trading activities are performed, acting as creator in the official market of Spanish national debt (Bonds, Debentures and Treasury Bills). To perform this activity, it operates with direct present in the markets and products indicated below:

MONEY MARKET
Spot (purchase/sale of currencies), Forex Swap, Forex options, Options and Financial Futures on short-term interest rates, Call Money Swaps, Repos, Simultaneous transactions, Liquidity and Collateral Management for asset discount, Treasury Bills, Auctions of the Central European Bank and Fixed Income security loans.
BANKNOTES
Purchase/sale of notes, coins and gold, serving and withdrawing, in a maximum of 24 hours, the goods requested at any point of the Spanish geography, including the Balearic Islands and the Canary Islands.
FIXED INCOME AND VARIABLE INCOME TRADING
Purchase/sale of shares in the Spanish, European, US and Japanese markets, Variable income options on individual securities and on indexes, Loan of Variable Income Securities, participation in takeover bids and initial public offerings, arbitration of index baskets, as well as the purchase/sale of National Dent (Bonds and Debentures), financial futures and options on long-term interest rates.
CREDIT TRADING
Purchase/sale of Private Fixed income assets, i.e. management of issuer or credit risk, with participation both in primary and secondary markets, securitization of RMBS, CMBS, Consumer, SME bonds in addition to CDOs and all type of structured credit products, Credit Derivatives, Credit Default Swaps, both on individual names and on credit indices (e.g. Itraxx main, crossover, senior and subordinate financial, etc.).
DERIVATIVES AND STRUCTURED
Flow management with interest rate risk, volatility and price up to 40 years, Interest Swap, Currency Swap, Asset Swap, financial futures and options on long-term interest rates, floors, caps, collars, swaptions and all type of design of structured products by the combination of derivatives in organized markets and OTC which are distributed in the markets.
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Other wholesale services

Within its activity in other Wholesale Banking services, through the Capital Market and Products and services division, the Confederation:

  • Supports the structuring and management of direct and multi-contributed issuances of Savings Banks, their subsidiaries and National or International Financial Institutions (Stake holdings, Ordinary and subordinate bonds, Debentures and Promissory Notes) and it participates in the generation, syndication and agency of company loan transaction payments.
  • It develops new securitized funds with the aim of serving as a liquidity tool for Savings banks, financial entities and large companies (credit against clients), both by sale to national and international institutional investments of the securitization bonds, and by the creation of collaterals eligible to be discounted by the Central European Bank.
  • It advises savings banks, financial institutions and large companies in the financial restructuring processes and corporate operations (M&As, MBOs….).
  • It facilitates agreements for centralization of operations with Large Customers (direct debit centralization, over-the-counter payments, etc...), of national scope, in order to give coverage to the Savings Banks and their clients and it collaborates with the Savings Banks for the incorporation of joint ventures, in order to access tenders and procedures negotiated with the Government and Public or Private Institutions.
  • Furthermore, to guarantee greater quality and efficiency in its services, CECA, and with the aim of supporting the cross-border activity of the Savings banks and of their customers, has:
    • An Operational branch in London and four representative offices (Germany, Benelux, France and Switzerland), whose activity is to support and promote the international activity of the Savings Banks and their customers.
    • An affiliate called CEA TSL, located in Hong Kong, whose corporate purpose is the processing of import documentary credits that the Savings Banks issue at the request of their customers, for the whole of Asia.
    • And a wide range of services, of foreign trade, among which we can highlight, the Pan-European Direct Debit Service, TEVEA INTERNATIONAL (Company which offers tax representation services, selection of intermediaries, domiciling and management of companies, commercial reports, etc), with presence in 90 countries and an Immigrant Platform so that immigrants resident in Spain can transfer their savings to their countries of origin and IFI and Correspondent Banking services, with over two thousand international correspondents.
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Shared Services Centre

It provides functional and technical support services via the shared use of the different applications that form the Integral Support Platform of Treasury and Capital Market Activity, as well as the Monitoring and Management of Operational Risk.

The service provided enables the comprehensive “front to back” management of the products forming the Treasury and Capital Market Activity, as well the real-time monitoring and control of the different types of risks derived from this activity.

Additionally, the level of services has been completed with the creation of a specific centre which independently provides all necessary market information, as well as the appraisals that the different instruments require.

Likewise, the Collateral Management Service associated to the Treasury operations is provided from this Centre.

Within the scope of Operational Risk CECA provides the coverage for the management of this risk, by the joint use of the IT solution developed for said purpose.

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