Banking sector reform

VI. Participation of the cooperative sector in reforming cooperative legislation

WOMEN IN THE COOPERATIVE SECTOR

Since then, cooperatives have become a major economic force, with the cooperative sector well represented in banking, modern industrial and service companies, in agriculture and in small and medium sized craft enterprises.

EDI is also making inroads into the banking sector.

The cooperative banking system, through PROMUCOOP (Programme for women cooperative members) established in 1988, seeks to provide credit to groups formed by female cooperative members, which it organizes and trains for that purpose.

The cooperative sector has been recognized in the Constitution as independent.

The Government of Barbados is currently reviewing the existing supervisory system related to the banking and non banking financial sector.

The housing cooperative sector is growing rapidly, with 265 cooperatives having 33,000 members.

Efforts are made to privatize the housing sector by the transfer of responsibilities to private firms and the cooperative sector.

It is estimated that more than 55 of women work in the cooperative sector.

Its banking sector was 10 times the GDP of the rest of the economy.

However, the cooperative banking system in our country provided information on its credit programmes for Panamanian women, particularly women in rural areas.

Governments should encourage the banking sector to provide credit to SMEs, for example through fiscal incentives.

With regard to private sector banking, better management and a larger capital basis would be essential.

However, in order to strengthen the banking sector and the financial markets more effective policies were required.

The global banking and financial services sector is the most sophisticated of all the trade efficiency sectors.

In March 1998, analysts estimated that recapitalization of the banking sector alone would cost over 20 billion.

The banking sector has undergone tremendous transformation, from over 80 banks to 25 banks. Strengthening of the system.

But controls beyond the banking sector are more difficult to implement and enforce and are arguably as important.

The Registrar of Cooperative Societies was empowered with closer and stricter control over the activities of the Credit Union, notwithstanding the provisions of the Banking Act.

Reports from both the Governments and cooperatives or cooperative organizations of these countries provide information on the active participation of representatives of the cooperative sector in the revision or redrafting of legislation.

Another important consideration is to develop the necessary conditions for the tourism sector to be cooperative rather than fragmented.

The losses incurred by domestic investors can have a long term effect on the pension system or the banking sector.

Local governments may, within the limits of their powers, support the development of enterprises in cooperation with the banking sector.

Other terms include parallel banking, underground banking and ethnic banking.

But the Team believes that it is not enough to look only at what is happening in the official banking sector.

14. Ms. Morgan Moss (Panama) said that the service sector, especially banking, accounted for a major part of her country s economy.

Its main focus is on strengthening the Somali remittance sector to increase its compliance with international financial regulations and laying the groundwork for the entry of a formal commercial banking sector.

17. The Constitution of Portugal recognizes the status of the cooperative sector as equal to that of the public and private sectors.

The drafting of the documents regulating the Lithuanian cooperative sector was done with the participation of representatives of consumer and agricultural cooperatives.

It is also assisting in the development of South South banking sector links as a means to facilitate South South commodity trade.

14. The performance of the banking sector in 1997 confirmed the optimistic expectations concerning its increasingly important role in reconstruction and development.

Representatives of the cooperative sector participated in the codification of the 1992 law, but are reported to be dissatisfied with the adopted text.

The 1994 Cooperative Law reinstated the right to voluntary association of cooperative societies into cooperative unions.

In particular, the reform in the banking sector was aimed at addressing the lack of easy access to finance for new investments, which was one of the factors that hindered industrial sector growth.

Why would two women who were enjoying successful careers in investment banking in the corporate sector leave to found a financial services firm?

(d) Financial reforms to encourage employment creation should cover banking, the non bank financial sector, monetary policy, financial openness and the institutional environment.

Other aims were enhanced and transparent fiscal discipline and the strengthening of the banking sector to facilitate rapid economic growth and sustainable development.

By paying down its debt to the domestic banking system, the Government has contributed to the expansion of credit to the private sector.

(c) Strategies should be built on cooperative partnerships between government institutions and ministries, community and non governmental organizations, the business sector and civil society

Innovative strategies, policies and cooperative behaviour of enterprises so far mainly in the developed countries have created opportunities and challenges for the enterprise sector.

In Germany, the amendments made were not related to the cooperative sector itself, but were the result of changes in other areas of law.

Thus, countries hit by financial crises that are linked to domestic financial imbalances should address those imbalances, such as large fiscal deficits inadequate functioning of the banking sector due to lack of banking regulations and rigidities of exchange rates.

37. Second, the efficient functioning of financial markets depended mainly on a strong national capacity to manage both those markets and the banking sector.