Utrecht, 8 June 2023 – The European Association of Co-operative Banks (EACB) was pleased to welcome Steven Maijoor, Executive Director of Supervision at the Netherlands bank, for a pre-dinner event hosted by Rabobank, namely Berry Marttin, Executive Board member at Rabobank and President of the EACB, in the context of the 50th General Assembly (GA) meeting of the EACB.
During a stimulating exchange between Steven Maijoor and representatives of EACB members, Mr Maijoor reflected “on what happened at Silicon Valley Bank and Credit Suisse, the lessons we can draw from these events, and what this means for the European banking landscape”.
“SVB clearly wasn’t buckled up. This was a case of serious risk mismanagement” he stated. “So what can we learn from this? First and foremost – what happened at SVB reaffirms the need for strong regulations. Regulations that strengthen capital buffers and risk management. In Europe, we have implemented the Basel standards so far more consistently across banks of all sizes. So it will not surprise you that I am even more convinced now that we need a quick and faithful implementation of the final Basel III standards, with minimal and restricted transitional arrangements or exceptions.”
Furthermore, he stressed how “the speed at which deposits were withdrawn from SVB was much faster than expected – much faster than LCR calculations take into account, partly as a result of social media and digitalisation”.
Following the discussion, EACB President Berry Marttin concluded the first day of the GA edition on a high note. “I am grateful for the successful interplay of perspectives with Steven Maijoor on the eve of the fiftieth General Assembly. This gathering has provided an opportunity for members to delve into pivotal developments that shape cooperative banks and the banking industry at large. Throughout, a display of expertise and competence underscored by a commitment to promote recognition of the cooperative impact values in the financial and economic landscape”.