Rafa Burgos: 'La Caixa is a systemic institution, it is part of the system and sustains it'

• Journalist and researcher Rafa Burgos argues in his book La Caixa that the financial institution is a "systemic" entity that supports and permeates Spanish society rather than merely a bank.
• Founded in 1904 to provide social protections, it has evolved into a powerhouse influencing housing, culture, media, politics, and research.

Origins and Historical Evolution

• Created in the early 20th century by Catalan economic elites to mitigate social unrest and class conflict following industrialization.
• From its inception, the institution maintained close ties with the monarchy, notably receiving a foundational donation from Alfonso XIII, and aligned with major economic organizations.
• While historical accounts suggest the institution backed the democratic system following the 1981 coup attempt (23-F), concrete evidence of direct financial support for the coup itself remains elusive.

Political Influence and the Catalan Conflict

• The relationship between political and economic power shifted during the tenure of Carles Puigdemont, leading to significant tensions.
• The institution moved its headquarters out of Catalonia during the 2017 Procés due to uncertainty, deposit outflows, and legislative changes enabled by the Rajoy government.
• While this decision damaged its symbolic reputation in Catalonia, the author notes the bank had already transitioned into a national and international player.

Social Impact and Controversies

• Housing: Long ignored in public discourse regarding housing crises in favor of international funds like Blackstone, the institution was a major residential property owner for years.
• Financial Practices: Controversial mechanisms, such as the issuance of participaciones preferentes (preferred shares), were conducted within legal frameworks supported by regulators like the Bank of Spain.
• Soft Power: Through the "la Caixa" Foundation, the group exerts influence via scholarships, research, and cultural programming, allowing it to maintain a presence across all relevant social strata.
• The author highlights that the power of such institutions often relies on perfectly legal but ethically complex mechanisms, reinforced by personal networks among elites, including religious ties to groups like Opus Dei.