Caja Navarra, First Spanish Saving Bank that Adopts the Equator Principles

Pamplona - 9 January 2006

The organization establishes the taking of environmental and social measures in the financing of projects

Caja Navarra has adopted the Equator Principles for the incorporation of environmental and social criteria in the financing of projects. Caja Navarra is the first saving bank and the second Spanish financial organization in adopting this initiative, and number 37 on international scale. This decision will result in benefits for the environmental and the set of the society.

The adoption of the Principles of Equator is a new sample of the environmental and social commitment of Caja Navarra. The Equator Principles are a voluntary initiative impelled on world-wide scale by International Finance Corporation (IFC), member of the group of the World Bank. When subscribing it, Caja Navarra is committed to incorporate environmental and social criteria in its policy of concession of loans for projects of amounts superior to 50 million dollars.

Actually, Caja Navarra will classify these projects in three categories of environmental or social risk - high, medium or low and will request the taking of measures of precaution in agreement with each threshold of risk. These measures consist basically of asking the financing applicants to make an Environmental and Social Assessment of the projects classified like of high or medium risk, for which they formulate an Environmental and Social Management Plan.

Other initiatives of RSE

The adoption of the Equator Principles is added to other previous initiatives of Caja Navarra, between which it emphasizes the company/signature of the World-wide Pact of the United Nations, made in April of 2005, per which the organization is committed to take to the practice ten principles in the matter of human rights, environmental protection and fights against the corruption. In addition, Caja Navarra is promotional partner of the Forética Foundation and partner of the Foundation Company and Society.

For Caja Navarra, Social Corporate Responsibility entails that social and environmental guidelines are part of the clients’ businesses, employees’ behaviour, suppliers, society and of the set of stakeholders to whom it is related. On the other hand, it represents the commitment of Caja Navarra to contribute to sustainable and economic development of the communities in which it is present and to enrich its quality of life.

A differentiating aspect of Caja Navarra, that shows its sensitivity in the matter of social responsibility, is its initiative' You choose: you decide', only in the national and international panorama, that from February of this year will allow its clients to choose to three concrete projects to which to destine the benefits of its money. In addition, as of 2007, all the clients of Caja Navarra will be able to participate in the Social Work projects that help to finance.