CONTINUING IMPORTANCE OF CASH IN SPAIN: CLOSURE OF BANK OFFICES AND ACCESS TO CASH
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1 CONTINUING IMPORTANCE OF CASH IN SPAIN: CLOSURE OF BANK OFFICES AND ACCESS TO CASH Concha Jiménez Director General Cash and Branches ATM & PAYMENTS. INNOVATION SUMMIT Madrid 18 October 2018 DIRECTORATE GENERAL CASH AND BRANCHES
2 AGENDA 1. SPAIN: FACTS AND FIGURES 2. USE OF CASH IN SPAIN 3. NETWORK OF CASH DISTRIBUTION 4. CLOSURE OF BANK BRANCHES IN SPAIN 5. ALTERNATIVE CASH ACCESS CHANNELS 6. FINAL REMARKS AND CHALLENGES DIRECTORATE GENERAL CASH AND BRANCHES 2
3 1. SPAIN: FACTS & FIGURES SOME DATA Total area: km 2 Population: Regional Government: Tourists GDP: GDP per capita: 46,5 millions 17 // 2 autonomous cities of Ceuta and Melilla 82 millions 1,2 EUR trillions EUR Data at 06/09/2018 DIRECTORATE GENERAL CASH AND BRANCHES 3
4 1. SPAIN: FACTS & FIGURES FINANCIAL SECTOR Banco de España Branches: Head courters ADS Centers (NHTO): 46 Credit institutions (CI): 204 Branches of CI: (*) ATMs: (*) ATM per inhabitants: 1,1 Recirculation of banknotes: (**) millions Banknote per inhabitant: (**) 43 Data at 31/12/2017 (*) Data recorded in February 2018 (**) Own estimation DIRECTORATE GENERAL CASH AND BRANCHES 4
5 2. USE OF CASH IN SPAIN 2.1 The volume and number of euro banknotes continue to increase 2.2 Cash as the most commonly used form of payment in Spain in Main sources of cash DIRECTORATE GENERAL CASH AND BRANCHES 5
6 2. USE OF CASH IN SPAIN 2.1 The volume and number of euro banknotes continue to increase Annual growth of euro banknotes in circulation: 6,1% Euro banknote circulation Euro banknote circulation and GDP [Source ECB Currency Information System and Statistical Data Warehouse] [Source ECB Currency Information System] *Annual percentage change, monthly data, EUR billions *In percentages DIRECTORATE GENERAL CASH AND BRANCHES 6
7 2. USE OF CASH IN SPAIN BdE Survey 53% 41% 2.2 Cash as the most commonly used form of payment in Spain in % What is your most commonly used payment method? CASH DEBIT CARDS CREDIT CARDS 2017 data Downward Trend ECB Study 79% 19% 2% Number of transactions at POS CASH 87% PAYMENT CARDS OTHER INSTRUMENTS 11% 2% DIRECTORATE GENERAL CASH AND BRANCHES 7
8 2. USE OF CASH IN SPAIN ECB Study Spain 2.3 Main sources of cash Main sources of cash Cash withdrawals at ATMs and POS purchases Friends 8% Money kept at home 8% Bank counters 8% Others 12% Via "cash-back" 2% ATMs 61% TRANSACTION AMOUNT miio ,5 Average value of cash transactions in Spain vs 12,38 in Euro area Cash withdrawals from ATMs: - Higher in aggregate amount - Steady in number PURCHASE TRANSACTIONS AT POINTS OF SALE CASH WITHDRAWAL TRANSACTIONS AT ATMs [Source: BdE] DIRECTORATE GENERAL CASH AND BRANCHES 8
9 3. NETWORK OF CASH DISTRIBUTION 3.1 Impact of the 2008 crisis in Spain 3.2 Changes in the number of bank branches in Spain 3.3 Changes in the number of ATMs in Spain 3.4 Comparison of branches and ATMs with those of other European countries DIRECTORATE GENERAL CASH AND BRANCHES 9
10 3. NETWORK OF CASH DISTRIBUTION 3.1 Impact of the 2008 crisis in Spain Banking consolidation Number of banks -28% Adjust capacity Reduce costs Rationalisation of the network & Compensatory measures: Reduction of the branch network Reduction of number of ATMs Expansion of off-site customer service centers IMPROVE EFFICIENCY DIRECTORATE GENERAL CASH AND BRANCHES 10
11 3. NETWORK OF CASH DISTRIBUTION 3.2 Changes in the number of bank branches in Spain Evolution the number of branches in Spain from 1974 to 2017 Maximum value -39% in 10 years [Source: BdE] Number of bank branches % branches in 2017 DIRECTORATE GENERAL CASH AND BRANCHES 11
12 3. NETWORK OF CASH DISTRIBUTION ATMs are the main source from which consumers obtain cash: 3.3 Changes in the number of ATMs in Spain Number of ATMs in Spain Number of ATMs % [Source: BdE] DIRECTORATE GENERAL CASH AND BRANCHES 12
13 3. NETWORK OF CASH DISTRIBUTION 3.4 Comparison of branches and ATMs with those of other European countries (I) Number of bank branches and ATMs in the euro area [Source: ECB] [Source: ECB] : branches in EU-28 (-21%) 2017: branches ( ) France: highest number of branches and ATMs Spain and Italy: high number ATMs 2017 data DIRECTORATE GENERAL CASH AND BRANCHES 13
14 3. NETWORK OF CASH DISTRIBUTION In 2017: Bank branch ratios of euro area countries [Source: ECB, Eurostat] 3.4 Comparison of branches and ATMs with those of other European countries (II) ATM ratios of euro area countries [Source: ECB, Eurostat] DIRECTORATE GENERAL CASH AND BRANCHES 14
15 4. CLOSURE OF BANK BRANCHES IN SPAIN 4.1 Municipalities in Spain affected by region 4.2 Municipalities in Spain affected by population density 4.3 Branchless municipalities in Spain in 2017 DIRECTORATE GENERAL CASH AND BRANCHES 15
16 4. CLOSURE OF BANK BRANCHES IN SPAIN 4.1 Bank branches by region Change in number of branches in the period Number of bank branches by region in ANDALUSIA CATALONIA MADRID VALENCIA REGION CASTILE AND LEON GALICIA Spanish regions not affected uniformly CASTILE-LA MANCHA BASQUE COUNTRY ARAGON CANARY IS EXTREMADURA MURCIA BALEARIC IS ASTURIAS NAVARRE CANTABRIA LA RIOJA CEUTA MELILLA [Source: BdE] DIRECTORATE GENERAL CASH AND BRANCHES 16
17 4. CLOSURE OF BANK BRANCHES IN SPAIN 4.2 Municipalities in Spain affected by population density Number of bank branches in municipalities by population tranche Spanish municipalities not affected uniformly [Source: BdE, INE] DIRECTORATE GENERAL CASH AND BRANCHES 17
18 4. CLOSURE OF BANK BRANCHES IN SPAIN 4.3 Branchless municipalities in Spain in 2017 Spanish population not affected uniformly municipalities branchless out of (50%) 540 more than in inhabitants affected 2,7% of the Spanish population No financial exclusion: use of on-line banking [Source: BdE, INE] Population at risk: Elderly people living in rural areas DIRECTORATE GENERAL CASH AND BRANCHES 18
19 5. ALTERNATIVE CASH ACCESS CHANNELS 5.1 Compensatory measures 5.2 Map of alternative cash channels in Spain 5.3 Overall map of national coverage of cash services in 2016 DIRECTORATE GENERAL CASH AND BRANCHES 19
20 5. ALTERNATIVE CASH ACCESS CHANNELS 5.1 Compensatory measures (I) Mobile branches Post Office network Financial agents Cashback CITs Multi purpose ATMs Off-site ATMs DIRECTORATE GENERAL CASH AND BRANCHES 20
21 5. ALTERNATIVE CASH ACCESS CHANNELS 5.1 Compensatory measures (II) Approx. 690 mobile branches Survey of BdE of services offered by CI (Dec 2016) Mitigation measures in place 609 municipalities with ad hoc cash services Can we estimate the impact? 502 municipalities with offsite ATMs Approx. 966 municipalities with financial agents, off-site bank employees or CIT Companies DIRECTORATE GENERAL CASH AND BRANCHES 21
22 5. ALTERNATIVE CASH ACCESS CHANNELS 5.2 Map of alternative cash channels in Spain (I) Coverage of cash services by bank branches Coverage of cash services by off-site ATMs Source: [BdE] DIRECTORATE GENERAL CASH AND BRANCHES 22
23 5. ALTERNATIVE CASH ACCESS CHANNELS 5.2 Map of alternative cash channels in Spain (II) Coverage of cash services by mobile branches Coverage of cash services by branches on an ad hoc basis Coverage of cash services by agents and off-site employees Source: [BdE] Implementation in different geographical areas DIRECTORATE GENERAL CASH AND BRANCHES 23
24 5. ALTERNATIVE CASH ACCESS CHANNELS Overall map of national coverage of cash services 5.3 Overall map of national coverage of cash services in 2016 Population density municipalities not have any cash access inhabitants affected 1,96% of the Spanish population [Source: BdE] Dynamic maps DIRECTORATE GENERAL CASH AND BRANCHES 24
25 6. FINAL REMARKS AND CHALLENGES Euro cash in circulation continues growing Cash remains to be the most common means of payment in Spain Spain has a significant number of branches and ATMs per inhabitant and per km2 The reduction of bank branches in Spain has impacted to 2,7% of the Spanish population Several alternatives have been developed to provide cash (mobile branches, ad hoc services, ) These facilities reduce the population with no access to cash in its town or residence to 1,96% This map continues changing (ex.: cash-back, agreements to use the Post Office network ) DIRECTORATE GENERAL CASH AND BRANCHES 25
26 THANK YOU FOR YOUR ATTENTION MUCHAS GRACIAS POR SU ATENCIÓN DIRECTORATE GENERAL CASH AND BRANCHES
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