COP Curzio.qxd:_ 19/04/13 09:10 Page 1 CENTRO D I RICERC H E IN AN ALISI ECONOMICA E SVILUPP O ECONOMI CO INTERNAZIONALE Mutu al banks b etween s olidarit y and d ev elop men t Alberto Qu adrio Cu rzio Ed itor with the essays of Giovanni Ferri, Alberto Quadrio Curzio, Fabrizio Saccoman ni e Stefano Zamagni VITA E PENSIERO € 10,00 Università Cattolica del Sacro Cuore CENTRO DI RICERCHE IN ANALISI ECONOMICA E SVILUPPO ECONOMICO INTERNAZIONALE Mutual banks between solidarity and development Alberto Quadrio Curzio Editor with the essays of Giovanni Ferri, Alberto Quadrio Curzio, Fabrizio Saccomanni e Stefano Zamagni March 2013 VITA E PENSIERO Alberto Quadrio Curzio, Professor Emeritus of Political Economy of Institutions at the Faculty of Political Science and President of the Scientific Committee of the Research Centre in Economic Analysis at the Università Cattolica; Vice President of the Accademia Nazionale dei Lincei., [email protected] BOARD OF DIRECTORS: Prof. Carlo Beretta (Direttore), Prof. Marco Fortis; Prof.ssa Fausta Pellizzari (Segretario); Prof. Alberto Quadrio Curzio (Presidente); Prof. Roberto Zoboli. SCIENTIFIC COMMETTEE: Prof. Gilberto Antonelli (Università degli Studi di Bologna), Prof. Giulio Cainelli (Università degli Studi di Bari); Dott.ssa Maria Chiara Cattaneo (Università Cattolica del Sacro Cuore; Prof.ssa Floriana Cerniglia (Università degli Studi di Milano – Bicocca); Prof. Giuseppe Colangelo (Università degli Studi Insubria-Varese); Prof. Nicola De Liso (Università degli Studi di Lecce); Prof. Mario Maggioni (Università Cattolica del Sacro Cuore); Prof. Giovanni Marseguerra (Università Cattolica del Sacro Cuore); Prof. Guido Merzoni (Università Cattolica del Sacro Cuore); Prof.ssa Valeria Miceli (Università Cattolica del Sacro Cuore); Prof. PierCarlo Nicola (Università degli Studi di Milano); Prof. Mario Nosvelli (Consiglio Nazionale delle Ricerche – Milano); Prof.ssa PierGiovanna Natale (Università degli Studi di Milano-Bicocca); Prof. Giovanni Pegoretti (Università degli Studi di Trento); Prof. Paolo Pini (Università degli Studi di Ferrara); Prof.ssa Claudia Rotondi (Università Cattolica del Sacro Cuore); Prof. Roberto Scazzieri (Università degli Studi di Bologna); Prof. Daniele Schilirò (Università degli Studi di Messina); Prof.ssa Teodora Erika Uberti (Università Cattolica del Sacro Cuore). All essays are subject to refereeing by two members of the Scientific Committee before being published in the Cranec Working Papers series, by Vita e Pensiero. [email protected] www.vitaepensiero.it All rights reserved. Photocopies for personal use of the reader, not exceeding 15% of each volume, may be made under the payment of a copying fee to the SIAE, in accordance with the provisions of the law n. 633 of 22 april 1941 (art. 68, par. 4 and 5). Reproductions which are not intended for personal use may be only made with the written permission of CLEARedi, Centro Licenze e Autorizzazioni per le Riproduzioni Editoriali, Corso di Porta Romana 108, 20122 Milano, e-mail: [email protected], web site www.clearedi.org Le fotocopie per uso personale del lettore possono essere effettuate nei limiti del 15% di ciascun volume dietro pagamento alla SIAE del compenso previsto dall’art. 68, commi 4 e 5, della legge 22 aprile 1941 n. 633. Le fotocopie effettuate per finalità di carattere professionale, economico o commerciale o comunque per uso diverso da quello personale possono essere effettuate a seguito di specifica autorizzazione rilasciata da CLEARedi, Centro Licenze e Autorizzazioni per le Riproduzioni Editoriali, Corso di Porta Romana 108, 20122 Milano, e-mail: [email protected] e sito web www.clearedi.org © 2013 Cranec ISBN 978-88-343-2542-1 Foreword by Alberto Quadrio Curzio President of Center for Research in Economic Analysis (CRANEC) ± Catholic University, Milan This book is a collection of select works presented (in a rather informal editing) at the 28th Congress of the International Confederation of Mutual Banks held in Marrakesh on 21-23 October 2012 and is the result of the collaboration between Center for Research in Economic Analysis (CRANEC) of Catholic University in Milan and Gruppo Credito Valtellinese, which was later extended for some initiatives to Istituto Centrale delle Banche Popolari Italiane (ICBPI). In particular, the volume presents a selection of some of the most significant contributions from the annual conferences organized (since 2009) by Istituto Centrale delle Banche Popolari Italiane (ICBPI) ± whose President (G. De Censi) wrote the preface ± and the Italian Association of Mutual Banks (ANBP). 7KHILUVWSDUWRIWKHERRNLVGHYRWHGWRWKH³JHQHUDOSULQFLSOHV´WKDW characterize mutual banks. The essays of leading scholars outline the principles underlying the functioning of mutual banks by identifying the fundamental paradigms of subsidiarity and solidarity for development (A. Quadrio Curzio, also editor of the volume); by highlighting the importance of the co-operative identity (S. Zamagni) and the virtuous features that allow Italian banks to face the current economic and financial crisis (G. Ferri). The significant contribution of the Director General of the Bank of Italy (F. Saccomanni) on the challenges for banks in the new regulatory scenario concludes this part. As editor of this volume I thank very much these prestigious economists for having granted their permission to publish here their essays. 7KHVHFRQGSDUWIRFXVHVRQWKH³LQWHUQDWLRQDOVFHQDULRV´ DW,WDOLDn, European and global levels) and collects several contributions (including case studies) by representatives of the banking industry. We draw the attention on two essays: one on the model of mutual banks in Italy and Europe (H. Guider) and the other one on the co- operative form of mutual banks as a stability and security element (H. Juvin). INDEX Preface. Usefully different and united, by Giovanni De Censi page 5 Part One 0XWXDOEDQNVDQGVROLGDULW\EHWZHHQHIÀFLHQF\ and stakeholders: general principles Subsidiarity and solidarity for development, by Alberto Quadrio Curzio »8 Co-operative identity and civil market, by Stefano Zamagni »25 )URPWKHÀQDQFHRIVKDUHKROGHUVWRWKHÀQDQFHRIVWDNHKRO- ders: the impact of the crisis, by Giovanni Ferri »45 The challenges for mutual banks in the new regulatory sce- nario, by Fabrizio Saccomanni »58 Part two The Italian, European and international scenarios Mutual Co-operative Banks. Italian and european perspec- tives, by Hervé Guider »70 The Co-operative form and Mutual Banks. Observations, by Hervé Juvin »75 3 Mutual Banks in the Italian economy, Carlo Fratta Pasini (abstract) page 80 Mutual Banks and the BPCE Co-operative Banking group in France, Yves de la Porte du Theil (abstract) »83 Mutual Banks and the DZ Bank group in Germany, Wolf- gang Kirsch (abstract) »86 Co-operative Banks: nature and development of a distin- ctive economic model, Alban D’Amours (abstract) »89 Mutual banks, Bancoob and Sicoob, in Brazil, Marco Aure- lio Borges de Almada (abstract) »92 &RRSHUDWLYH%DQNVDQGWKH&KLQD)LQDQFLDO&HUWLÀFDWLRQ Authority (CFCA), Du Benwei (abstract) »95 Co-operative Banks in India, Bhima Subrahmanyam (abstract) »97 Mutual Banks in Morocco, Mohamed Belghazi (abstract) » 100 4 PREFACE USEFULLY DIFFERENT AND UNITED Giovanni De Censi President of Istituto Centrale delle Banche Popolari Italiane (ICBPI) On the occasion of the 28th Congress of the International Confederation of Mutual Banks (CIBP) we are pleased to present a selection of some of the PRVWVLJQLÀFDQWFRQWULEXWLRQVIURPWKHDQQXDOFRQIHUHQFHVRUJDQLVHGXQGHU the aegis of Istituto Centrale delle Banche Popolari Italiane (ICBPI) and the Italian Association of Mutual Banks (ANBP). These contributions unveil a complex, yet consistent scenario showing the mutual banks’ distinctive role on the Italian and international banking scene: “players among players” of a local (but not with a narrow perspective) nature, banks promoting economic and social development of local areas, NH\SOD\HUVPDNLQJWKHRYHUDOOV\VWHPVPRRWKDQGHIÀFLHQWDOVRLQWHUPVRI subsidiarity and solidarity. The concept of “social capital” – i.e. maximising EHQHÀWVRIWKHVRFDOOHG´UHODWLRQDODVVHWVµ²DQGJHQXLQHDWWHQWLRQWRWKHYDVW UDQJHRIVWDNHKROGHUVQRWDEO\PHPEHUFXVWRPHUVDUHWKHFXUUHQWLGHQWLI\LQJ features on the Italian market of 85 banks, which are part of the group of PXWXDOEDQNV7KHODWWHULQWXUQIRUPVWKH%UXVVHOVEDVHG,QWHUQDWLRQDO&RQ federation of Mutual Banks (CIBP). 7KHUHDGHUZLOOÀQGDVHULHVRISUHOLPLQDU\LQWURGXFWRU\SDSHUV²LQFOX ding, besides the analysis of the editor, Prof. Alberto Quadrio Curzio (Deputy Chairman of Accademia Nazionale dei Lincei and Emeritus Professor of Ca tholic University), notably those of Prof. Stefano Zamagni (one of the leading international experts in civil economy), Dr. Fabrizio Saccomanni (Director General of the Bank of Italy) and Prof. Giovanni Ferri (one of the leading academics on the analysis of mutual banks’ performance). These contribu tions are followed by the more institutional report made by Mr Hervé Guider *HQHUDO0DQDJHURIWKH(XURSHDQ$VVRFLDWLRQRI&RRSHUDWLYH%DQNV DQG 0U+HUYp-XYLQ &KDLUPDQRIWKH(XURJURXS,QVWLWXWH DQGÀQDOO\E\WKHDS plication of the “mutual credit model” to various countries: Italy (Mr Carlo Fratta Pasini, Chairman of the Italian Association of Mutual Banks), France (Mr Yves de la Porte du Theil, General Manager of Banques Populaires of 5 *URXSH%3&( *HUPDQ\ 0U:ROIJDQJ.LUVFK&KLHI([HFXWLYH2IÀFHURI DZ Bank AG), Canada (Mr Alban D’Amours, Honorary Chairman of Groupe Caisse Desjardins and President of CIBP), Brazil (Mr Marco