COCEMFE regrets the reduction of social boxes works savings.

– the funds allocated to the social works of the savings banks have been reduced to half

-Is a new blow to organizations of disability to be added to the cuts and delays in grants and aid

-dividends for new investors will worsen the situation to further reduce the benefit of the boxes

Madrid, 2011-September the Spanish Confederation of people with physical disability and organic (COCEMFE) has expressed its concern with the dramatic cut in the allocation of savings to social work experienced in recent years.

In the past three years the funds allocated to the social works of the savings banks have been reduced to less than half, from a budget of € 1,604 million in 2008 to 875 million in 2010.

To cuts and delays in grants and other AIDS which are experiencing many associations of disability at the moment, there will be added to one dramatic decline in one of the ways of financing of the sector: savings ”, says Mario Garcia, President of COCEMFE.

This decrease in the budget allocated in 2011 and later to social work exercises will be a blow to many organizations that receive substantial funding to develop its programmes of care, centres, services, organization of activities of savings banks, etc.

The savings banks have a legal obligation to reinvest part of their profits in social work. According to Mario García, the problem is that the negative effect of the economic situation has continuously reduced its profit, and with the new regulation of the savings banks will continue to decline because in addition to allocate a part reserves and to pay taxes from societies, boxes will also have to pay dividends to investors new ”.

The Spanish Confederation of people with physical disability and organic (COCEMFE) is a non-governmental non-profit that was founded in 1980. It aims to unite, strengthen and form coordination efforts and activities of entities working in favour of persons with disabilities physical and organic to defend their rights and improve their quality of life. The entity brings together more than 1,360 organizations divided into regional confederations, State institutions and provincial federations which in turn, bring together different associations premises.