Cooperative Banking in Europe: Case Studies (Palgrave by Vittorio Boscia, Alessandro Carretta, Paola Schwizer

By Vittorio Boscia, Alessandro Carretta, Paola Schwizer

This booklet investigates the most beneficial properties of the evolution of the cooperative banking version in ecu international locations, utilizing 'country case-study' research. dependent in elements, the 1st bargains with a pattern of nations that joined eu Union prior to 2000; the second one half with a pattern of alternative newly admitted eu Union member international locations.

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Valeria Stefanelli 41 The Gruppo Cajas Rurales is therefore outlined as the model of a “federated bank,” founded nearly on a “virtual fusion” between the affiliated societies, whose definition characters are inspired by decentralization, subsidiaries, solidarity, cooperation and territoriality as well as by the absence of mutual competition between the adherent members. Such a model ensures, on the one hand, independence and autonomy for the single banks, which defend the cooperative model, while it allows them, on the other hand, to gather economic advantages so as to have further dimensional growth opportunities which are hardly accessible to single banks.

In the exercise of the credit activity the Law recognizes that the cooperatives should have wide autonomy; however, it still imposes Valeria Stefanelli 37 the maximum attention to the satisfaction of the financial needs of the associates before the third parties (art. 1), limits the offer of financing services to third parties to a share not higher of 50% of the active total of the cooperative (art. 2), and constrain the distribution of the social profits arranging an annual allowance to the Fondo de Riserva Obligatorio and to the Fondo de Educacion y Promocion Cooperativa (both enrolled in the net property of the cooperative) for one equal share, respectively to 20% and 10% of the exercise of the achieved profit (art.

In this area, a first obvious change concerns the structure of the cooperative market, modified as a result of the weak concentration process. The federal model to the base of the Gruppo has in fact allowed the achievement of fusion operations not only in the area of the same category of banks, but also between the same affiliates. The consolidation process does not seem to be demonstrated particularly in an intense way: it has started in 200013 and records only three operations in 2001 and two operations in 2002 up until today (Banca di Spagna 2004).

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