Savings bank support for the cultural and heritage sector has declined in the past five years in the face of other social and healthcare needs during the recession.
6.3 Trends and indicators for private cultural financing
Aside from household expenditure on cultural goods and services (see chapter 8.2.1) there are very few figures available on private-sector capital funding of culture. A study on contributions of the large Spanish companies shows that, in 2005, culture was the third recipient of sponsorship (after care and educational activities) (for details see: http://www.navactiva.com/es/descargas/pdf/amngm/patrocinio patronage report 2005.pdf).
An important and interesting phenomenon in Spain is that of the Cajas de Ahorro or savings banks, non-profit making financial institutions which have been involved in funding cultural activities for a long time. The significant legal reform of the savings banks held in summer 2010, which has affected all aspects of the activity of these entities, as well as the severe economic crisis, it is expected to have a minimal impact on social and cultural projects. According to 2011 figures, savings banks allocated EUR 363 885 000 to cultural and leisure initiatives and EUR 82 179 000 to artistic and natural heritage. Both activities accounted for 40% of all social investment for the same year. Although its relative importance has remained stable with respect to 2010, resources allocated to cultural and heritage activities have decreased by 19% and 25% respectively. A long-term analysis shows that while the resources allocated to this area increased during the 1990s and the first half of 2000, in the last five years they have decreased as a consequence of the economic crisis. Moreover, its relative importance over the same period has also declined because of the constant advancement of the social and health care area, linked to the growing demands and needs of Spanish society (Report 2011 of Spanish Confederation of Savings Banks, http://www.ceca.es/rsc/pdfs/Memoria_OBS2011.pdf). It should also be noted that a significant part of this money is earmarked for projects run by the foundations set up by the savings banks themselves.