Cooperative Banking in Europe: Case Studies

272 Pages·2010·1.16 MB·English

by  Vittorio Boscia MA, PhD, Alessandro Carretta, Paola Schwizer (eds.)

PALGRAVE MACMILLAN STUDIES IN BANKING AND FINANCIAL INSTITUTIONS
Series Editor: Professor Philip Molyneux
The Palgrave Macmillan Studies in Banking and Financial Institutions are international
in orientation and include studies of banking within particular countries or regions,
and studies of particular themes such as Corporate Banking, Risk Management,
Mergers and Acquisitions, etc. The books focus on research and practice, and they
include up-to-date and innovative studies on contemporary topics in banking that will
have global impact and influence.
Titles include:
Yener Altunbas¸, Blaise Gadanecz and Alper Kara
SYNDICATED LOANS
A Hybrid of Relationship Lending and Publicly Traded Debt
Yener Altunbas¸, Alper Kara and Öslem Olgu
TURKISH BANKING
Banking under Political Instability and Chronic High Inflation
Elena Beccalli
IT AND EUROPEAN BANK PERFORMANCE
Paola Bongini, Stefano Chiarlone and Giovanni Ferri (editors)
EMERGING BANKING SYSTEMS
Vittorio Boscia, Alessandro Carretta and Paola Schwizer (editors)
COOPERATIVE BANKING
Innovations and Developments
COOPERATIVE BANKING IN EUROPE
Case Studies
Allessandro Carretta, Franco Fiordelisi and Gianluca Mattarocci (editors)
NEW DRIVERS OF PERFORMANCE IN A CHANGING FINANCIAL WORLD
Dimitris N. Chorafas
CAPITALISM WITHOUT CAPITAL
Dimitris N. Chorafas
FINANCIAL BOOM AND GLOOM
The Credit and Banking Crisis of 2007–2009 and Beyond
Violaine Cousin
BANKING IN CHINA
Peter Falush and Robert L. Carter
THE BRITISH INSURANCE INDUSTRY SINCE 1900
The Era of Transformation
Franco Fiordelisi and Philip Molyneux
SHAREHOLDER VALUE IN BANKING
Hans Genberg and Cho-Hoi Hui
THE BANKING CENTRE IN HONG KONG
Competition, Efficiency, Performance and Risk
Carlo Gola and Alessandro Roselli
THE UK BANKING SYSTEM AND ITS REGULATORY AND SUPERVISORY FRAMEWORK
Elisabetta Gualandri and Valeria Venturelli (editors)
BRIDGING THE EQUITY GAP FOR INNOVATIVE SMEs
Kim Hawtrey
AFFORDABLE HOUSING FINANCE
Otto Hieronymi
GLOBALIZATION AND THE REFORM OF THE INTERNATIONAL BANKING
AND MONETARY SYSTEM
Munawar Iqbal and Philip Molyneux
THIRTY YEARS OF ISLAMIC BANKING
History, Performance and Prospects
Sven Janssen
BRITISH AND GERMAN BANKING STRATEGIES
Kimio Kase and Tanguy Jacopin
CEOs AS LEADERS AND STRATEGY DESIGNERS
Explaining the Success of Spanish Banks
M. Mansoor Khan and M. Ishaq Bhatti
DEVELOPMENTS IN ISLAMIC BANKING
The Case of Pakistan
Mario La Torre and Gianfranco A. Vento
MICROFINANCE
Philip Molyneux and Eleuterio Vallelado (editors)
FRONTIERS OF BANKS IN A GLOBAL WORLD
Anastasia Nesvetailova
FRAGILE FINANCE
Debt, Speculation and Crisis in the Age of Global Credit
Dominique Rambure and Alec Nacamuli
PAYMENT SYSTEMS
From the Salt Mines to the Board Room
Catherine Schenk (editor)
HONG KONG SAR’s MONETARY AND EXCHANGE RATE CHALLENGES
Historical Perspectives
Noël K. Tshiani
BUILDING CREDIBLE CENTRAL BANKS
Policy Lessons for Emerging Economies
The full list of titles available is on the website:
www.palgrave.com/finance/sbfi.asp
Palgrave Macmillan Studies in Banking and Financial Institutions
Series Standing Order ISBN 978-1-4039-4872-4
You can receive future titles in this series as they are published by placing a
standing order. Please contact your bookseller or, in case of difficulty, write to us
at the address below with your name and address, the title of the series and the
ISBN quoted above.
Customer Services Department, Macmillan Distribution Ltd, Houndmills,
Basingstoke, Hampshire RG21 6XS, England
Cooperative Banking in
Europe
Case Studies
Edited by
Vittorio Boscia
Alessandro Carretta
and
Paola Schwizer
Selection and editorial matter © Vittorio Boscia, Alessandro Carretta and
Paola Schwizer 2010
Individual chapters © contributors 2010
Softcover reprint of the hardcover 1st edition 2010 978-0-230-57677-3
All rights reserved. No reproduction, copy or transmission of this
publication may be made without written permission.
No portion of this publication may be reproduced, copied or transmitted
save with written permission or in accordance with the provisions of the
Copyright, Designs and Patents Act 1988, or under the terms of any licence
permitting limited copying issued by the Copyright Licensing Agency,
Saffron House, 6–10 Kirby Street, London EC1N 8TS.
Any person who does any unauthorized act in relation to this publication
may be liable to criminal prosecution and civil claims for damages.
The authors have asserted their rights to be identified as the authors of this
work in accordance with the Copyright, Designs and Patents Act 1988.
First published 2010 by
PALGRAVE MACMILLAN
Palgrave Macmillan in the UK is an imprint of Macmillan Publishers
Limited, registered in England, company number 785998, of Houndmills,
Basingstoke, Hampshire RG21 6XS.
Palgrave Macmillan in the US is a division of St Martin’s Press LLC,
175 Fifth Avenue, New York, NY 10010.
Palgrave Macmillan is the global academic imprint of the above companies
and has companies and representatives throughout the world.
Palgrave® and Macmillan® are registered trademarks in the United States,
the United Kingdom, Europe and other countries
ISBN 978-1-349-36667-5 ISBN 978-0-230-24860-1 (eBook)
DOI 10.1057/9780230248601
This book is printed on paper suitable for recycling and made from fully
managed and sustained forest sources. Logging, pulping and manufacturing
processes are expected to conform to the environmental regulations of
the country of origin.
A catalogue record for this book is available from the British Library.
A catalog record for this book is available from the Library of Congress.
10 9 8 7 6 5 4 3 2 1
19 18 17 16 15 14 13 12 11 10
Contents
List of Boxes vii
List of Figures viii
List of Tables xi
About the Editors xiii
Notes on the Contributors xiv
Preface xvii
1 Introduction 1
Vittorio Boscia, Alessandro Carretta and Paola Schwizer
Part I Cooperative Banking in Western EU Countries
2 The Cooperative Banking System in Portugal: The Case of
Credito Agricola Mutuo Group 7
Valeria Stefanelli
3 The Cooperative Banking System in Spain 23
Valeria Stefanelli
4 The Cooperative Banking System in France 51
Pietro Marchetti and Arianna Sabetta
5 The Peculiarity of the UK Case: Mutual Building Societies 95
Valeria Stefanelli
6 Cooperative Banking in the Netherlands: Rabobank
Network 107
Matteo Cotugno
7 The German Cooperative Banking System: Volksbanken
and Raiffeisenbanken 129
Massimo Biasin
8 The Cooperative Credit System in Italy 148
Roberto Di Salvo and Juan Sergio Lopez
9 The Credit Cooperative System in Finland 163
Roberto Di Salvo, Juan Sergio Lopez and Igino Schraff l
v
vi Contents
Part II The Cooperative Banking in the New EU Countries
10 Cooperative Banking in the Ten Newly Admitted EU
Member Countries in 2004 177
Matteo Cotugno
11 Credit Cooperatives in Romania 203
Candida Bussoli
12 The Bulgarian Cooperative Banking System 223
Matteo Cotugno
13 Concluding Remarks 243
Vittorio Boscia, Alessandro Carretta and Paola Schwizer
Index 247
List of Boxes
2.1 Methodological note 14
2.2 The origin of Credito Agricola Mutuo 16
5.1 The history of building societies in the seventeenth and
eighteenth centuries 96
5.2 The history of building societies in the nineteenth and
twentieth centuries 98
11.1 General information 203
11.2 The evolution of cooperative credit in Romania 211
vii
List of Figures
2.1 Weight of the different economic sectors of the country as
percentage on the gross national product 9
2.2 Weight of the different economic sectors of the country as
percentage on the gross national product 10
2.3 The main financial intermediaries in Portugal (2005) 11
2.4 Credit institutions and branches in Portugal 12
2.5 M&A’s in Portugal banking sector 12
2.6 Trend of the active total and of the equity of the
Portuguese bank system 13
2.7 Structure of the Portuguese credit cooperative group 20
3.1 Arrangement of the financial system in Spain 24
3.2 Number of banks present in the Spanish banking
system 29
3.3 Main concentrations realized by the main European
banking systems (frequency of deals) 29
3.4 Arrangement of granted banking loans to enterprises (data
in millions of euro) 30
3.5 Arrangement of granted banking loans to families (data in
millions of euro) 31
3.6 Number of employees, branches and counter machines of
the mutual savings banks in Spain 33
3.7 Course of deposits and granted loans to families and
non-financial enterprises (millions of euro) 34
3.8 The structure of the Gruppo Cajas Rurales in Spain 39
3.9 Dimensional growth for active total by typology of credit
intermediary (data in millions of euro) 42
3.10 Course of granted loans to the customers by typology of
financial intermediaries (data in millions of euro) 43
3.11 Course of banking collection by typology of financial
intermediaries (data in millions of euro) 44
3.12 Course of own means by typology of financial
intermediaries (data in millions of euro) 45
viii
List of Figures ix
4.1 Evolution in the number of branches and employees
in the French cooperative banking sector 81
4.2 Market shares for deposits and loans: a comparison 82
4.3 Evolution in the loans-deposits ratio 82
4.4 Evolution in the profitability and efficiency indicators in
the French banking system 83
6.1 Customer satisfaction regarding banks 109
6.2 MFI loans granted to corporate customers 110
6.3 MFI loans granted to private customers 111
6.4 The Rabobank Netherland cooperative system 114
6.5 The cross-guarantee scheme of Rabobank Netherland 116
6.6 Total assets growth (percentage variation with respect
to the previous year) 119
6.7 Total equity growth 120
6.8 ROE comparison 121
6.9 Comparison in terms of ROA 121
6.10 Margin analysis relative to Rabobank Netherland 124
6.11 Margin analysis relative to the Dutch banking system 125
6.12 Operating expenses/total assets 125
6.13 Staff cost/total assets 126
7.1 Number of cooperative primary banks 141
8.1 Banking sector: ratio of total asset to GDP 148
8.2 Banking sector: average dimension
(total assets/number of banks) 149
8.3 Loans rate of growth – BCC and other banks 154
8.4 Loans growth by sector (1999–2006) – ratio between
BCC and other banks 155
8.5 Income produced by BCCs as share of the total banking
system 155
8.6 Ratio of total cost to total assets 156
10.1 GDP real growth 178
10.2 Inflation 179
10.3 Deposit money banks assets/GDP 180