Labour MEP Prof. Edward Scicluna today reaffirmed the Labour’s party pledge to support the setting up of a cooperative bank in Malta. He said that the Labour Party supports the idea of setting up a cooperative bank and that it is foursquare behind the movement’s ideals and principles since it is convinced that the active participation of a local cooperative bank in the banking industry, would by its nature encourage entrepreneurship, create as well as sustain social and cooperative networks, introduce know-how and other information at the grass-root level.
Speaking at a seminar organised in association with the Istituto Centrale delle Banche Popolari Italiane and the Central Bank of Malta, Prof Scicluna also spoke about the impact of European legislation on cooperatives banks. He said that whilst cooperative banks had emerged relatively unscathed from the current financial crisis, the new banking regulations which are being put in place ran the risk of putting excessive cost on such banks and therefore policy makers had to be aware of the specifics of cooperative banks.
Prof Scicluna said: “Although a single EU rule-book for financial regulation should reduce the complexity in the financial markets, if done on a one-size-fits-all basis, it can add to the compliance burden. EU regulation has not been aimed at the co-operative sectors but it imposes unintentional costs on them”.
He concluded that one should not go to the other extreme where one claims that cooperative banking is superior to other banking models, but it should be considered as a viable alternative to conventional shareholders value model. Competition demands diversification. He augured that this would also apply to Malta in the foreseeable future.
Prof Edward Scicluna jafferma l-appoġġ tal-Partit Laburista għat-twaqqif ta’ bank koperattiv Malti
L-Ewroparlamentari Laburista il-Professur Edward Scicluna afferma mill-ġdid l-appoġġ tal-Partit Laburista għat-twaqqif ta’ bank koperattiv f’Malta. Huwa qal li l-Partit Laburista jaqbel mal-prinċipjital-Moviment koperattiv, u konvint lil-parteċipazzjoni attiva ta’ bank koperattiv lokali fl-industrija bankarja, minn natura tagħha stess, tinkoraġġixxi l-intraprenditorjal, toħloq kif ukoll isostni networkssoċjali u ta’ koperazzjoni, filwaqt li tintroduċi l-għarfien u l-informazzjoni lill-membri stess li jaħdmu fil-qofol tal-koperattivi nfushom.
Waqt seminar organizzat mil-Bank Ċentrali ta’ Malta flimkien mal- ‘Istituto Centrale delle Banche Popolari Italiane’, il-Prof Scicluna tkellem ukoll dwar l-impatt tal-leġiżlazzjoni Ewropea fuq banekkooperattivi. Huwa qal li l-banek kooperattivi , filwaqt li ma tantx ġew affettwati ħażin mill-kriżi finanzjarja attwali, ir-regolamenti bankarji ġodda li qed jiġu attwati bħalissa jistgħu ipoġġu riskju ta’ spejjeż eċċessivi fuq dawn il-banek u għalhekk min ifassal il-policies irid ikun konxju ta’ ċerti aspetti speċifiċi li jappartjenu għall-banek kooperattivi.
Il-Prof Scicluna qal: “Għalkemm ir-regoli inġenerali tal-Unjoni Ewropea li jkopru il-qasam finanzjarju kollu għandhom inaqqsu l-kumplessità fis-swieq finanzjarji, jekk dan isir fuq sistema ta’ one-size-fits-all, tista’ żżid il-piż biex dawn ikunu konformi. Ir-regoli tal-UE ma kienux immirati lejn is-setturi kooperattivi iżda jimponu spejjeż fuqhom mhux intenzjonati “.
Huwa kkonkluda li wieħed ma għandhux imur għall-estrem l-ieħor fejn wieħed isostni li ll-banek koperattivi huma superjuri għall-mudelli bankar
– Thursday, 27th September, 2012