The European Association of Cooperative Banks (EACB) said it was ready to help the Maltese cooperative movement and to assist in establishing a cooperative bank in Malta should the necessary conditions be satisfied.

The association brings together cooperative banks in 23 European countries, which between them account for 20 per cent of the European market. It includes banks such as Credit Mutuel and Credit Agricole (France), Volksbank (Austria), Banche Popolari (Italy) and Rabobank (The Netherlands).

The EACB agreed to focus on Malta following discussions between its executive and the Labour member of the European Parliament, Joseph Muscat, who is also the vice-president of the Economic and Monetary Affairs Committee.

Cooperative banks are synonymous with more democratic decision-making due to their “one person – one vote” system. They focus on the social element and on helping smaller clients and businesses. These banks have 140 million customers and employ 720,000 people.

Mr Muscat, along with European Commissioner for Regional Development, Danuta Hubner, was one of the main spokespersons at the EACB convention which took place this week in Brussels.