“…However, others included both commercial and savings banks in the analysis; see, for instance, Grifell-Tatjé and Lovell (1997), Tortosa-Ausina (2002a,b,c, 2003 or Carbó Valverde et al (2007), among others. By comparison, the number of studies analyzing the the efficiency of Spanish credit unions is much lower, with very few exceptions such as Marco Gual and Moya Clemente (1999) and, more recently, Grifell-Tatjé and Lovell (2004) and Grifell-Tatjé (2011), none of which focus explicitly on revenue efficiency.…”