Brussels, 27 March 2014 - Leaders of Co-operative Banks have drawn up a Roadmap for ‘An Approach that balances Regulation and Stimulation of Local Growth’. This document outlines the current state of play and the way forward for the sector vis-à-vis European and international regulators.
The document is issued as a follow-up to the Regulatory Debate organised by the EACB on 4th March in Brussels and in light of the new mandates of the European Parliament and European Commission, both starting in the second half of 2014.
Co-operative banks are key players in the retail banking industry with 3.700 banks, 56 million members and 215 million clients. Given the current economic situation, they are determined to continue funding the European economy and call for an approach that properly balances regulation and takes into account the diversity of the banking sector.
The Roadmap for co-operative banks addresses a number of concerns and expectations that co-operative banks leaders consider to be of primary importance.
Referring to the ten key points of the Roadmap, the EACB General Manager, Hervé Guider said:” European regulators should better take into consideration the specificities of the co-operative banks. New regulation should be phased in more carefully and better calibrated to mitigate the effects on the real economy and on the end users such as SMEs and consumers.” Mr Guider concluded “Co-operative Banks with a regional focus must not be at a disadvantage.”
For the full Press Release, please click HERE.