International Co-operative Banking Association

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Declaration of the International Co-operative Banking Association (ICBA) about co-operative banks and the international financial crisis.

Paris, October 20th, 2008

The ICBA General Assembly discussed during its meeting today in Paris the effects on co-operative banks of the major financial crisis we are currently witnessing. The co-operative banking business model, relying on democratic governance, members' participation, proximity and the satisfaction of its members and clients interests, showed its benefits in all over the world as a factor of stability and financial security for millions of people. ICBA asks the institutions in charge of building a new international regulation system for the financial sector to take into account the interest and the contribution of the cooperative banking model. ICBA is ready to bring its expertise to make sure that the diversity of banking models is recognised at an international level. The future system must ensure a level playing field between countries or banking models. It is therefore necessary that the future rules take into account the diversity of the banking systems and be adapted to the different existing banking statutes.


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