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The EACB supports measures focused on ensuring access to accounts for vulnerable, socially excluded persons. This is, after all, one of the reasons for the creation of co-operative banks some 100 years ago. The Association warns however that the current proposal risks being at the detriment of the layers of population that are more fragile, including the population in remotest or rural areas where proximity and relationship banking is crucial.
EACB General Manager, Herve Guider, said: “We strongly support measures that foster access to financial services to EU citizens, but not at the detriment of local presence. The presence of co-operative banks in remote areas with a dense branch network is expensive, but is a necessity for social and economic reasons. However it is being constantly challenged by the increasing regulatory costs. Supply of bank services must be offered at reasonable costs. Otherwise, their diversity will diminish to the disadvantage of consumers and their individual needs."
The EACB also sees no objective justification for extending the current facility on bank account switching to cross-border dimension. “The case for the Commission proposal has not been made, and is an overkill”, Mr Guider added, referring to the weak evidence base provided by the Commission for this proposal.