Paris, 30 May 2024 – Interviewed at the General Assembly of the Crédit Mutuel National Confederation (CNCM), Nina Schindler, CEO of the European Association of Cooperative Banks (EACB), underlined the key role of cooperative banks in the European landscape: “With their implantation in the population, cooperative banks are a pillar of European finance. They are a stabilising force due to their particular cooperative structure and long-term, member-focused approaches. The cooperative difference is not a luxury, but is essential to financial stability.”
In an exchange with Florence Genon-Catalot, Communications Director at CNCM, Ms. Schindler highlighted these distinctive features of the cooperative banking sector and critical issues affecting it. Addressing growing regulatory pressures and in particular supervisory expectations relating to governance, Ms Schindler called for a united effort among cooperative banks to advocate for regulatory measures that recognise their unique model and operational needs.
Daniel Baal, newly elected President of the Confederation, reiterated his belief in a “united and plural Europe”, but also emphasised that Europe must be supportive and create dynamism. It must allow cooperative banks to advance, and not hinder their competitiveness. Related to the Basel implementation, he added: “This reform, in essence, is well intentioned, but it will unfortunately lead to the general weakening of European banks (...) By unduly sterilising our own funds, we reduce our capacity to accompany the development of the economy and the financing of the green and social revolution”.
In this vein, Mr. Baal encouraged cooperative banks to leverage their deep-rooted community connections to promote sustainable development and offer innovative financial products that cater to the growing demand for ethical investments.