Abstract
The cooperative movement in Slovenia began with credit cooperatives which successfully solved the indebtedness problem of numerous farmers in the second half of the nineteenth century. In the period between the two world wars, the cooperative movement was divided according to political lines and was seriously affected by the economic depression in the 1930s. After the Second World War, all credit cooperatives were administratively wound up and never resumed their activity as grass root organisations. Their mission was continued for a very short period by the second level cooperatives of agricultural cooperatives in the 1950s, and after another break, lasting one decade, by the savings and loan services of agricultural cooperatives. Since the banks were permitted to carry out a wider range of banking services than savings and loan services, these services, their Union and agricultural and forestry cooperatives founded the Slovenska zadružna kmetijska banka d.d. (Slovenian Agricultural Cooperative Bank Ltd) in 1990. In the view of Slovenia’s adhesion to the European Union, stricter banking legislation standards were implemented and nearly all savings and loan services transferred their banking activity and assets to the Slovenian Agricultural Cooperative Bank Ltd which had been meanwhile renamed as Deželna banka Slovenije d.d. (Country Bank of Slovenia Ltd). In return, the former Union of savings and loan services which transformed itself into a cooperative named Kapitalska zadruga, became the largest shareholder of Deželna banka Slovenije Ltd.
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Notes
- 1.
See, ANNEX XIII (List referred to in Article 24 of the Act of Accession: Slovenia) to Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded (Official Journal of EU L 236, 23 September 2003, p. 908):
»In Slovenia, Directive 2000/12/EC shall not apply until 31 December 2004 to savings and loans undertakings established before 20 February 1999.«
- 2.
The asset quality review (AQR) included verification of data completeness and integrity, a review of individual loans, collateral valuation and identification of the adequacy of impairments.
The objective of the stress tests was the assessment of the eventual capital requirements under the conditions of the baseline scenario (more favourable) and the adverse scenario (the scenario of sharply increased macroeconomic imbalances: a cumulative 9.5 % fall in GDP from 2013 to 2015 which is 1 percentage point higher than the fall from 2009 to 2012; the cumulative fall of private consumption by 18 % in comparison with the 2.5 % fall in the period 2009–2012) over a 3-year projection period, i.e. 2013–2015 (Banka Slovenije 2013a, b, p. 8).
- 3.
The AQR included the following ten banks (or 70 % of the assets of the banking system): NLB d.d., NKBM d.d., Abanka Vipa d.d., Banka Celje d.d., Gorenjska Banka d.d., Probanka d.d., Factor banka d.d., Raiffeisen banka d.d., Hypo Alpe-Adria-Bank d.d., and UniCredit banka d.d. The stress tests included eight banks, excluding Factor banka and Probanka, which have been undergoing an orderly wind-down process since the autumn of 2013 (Banka Slovenije 2013a, b, p. 15).
- 4.
Several shareholders and creditors challenged the constitutionality of the provision before the Constitutional Court. The challenged provision of the Banking Act is based on the Communication from the Commission on the application, from 1 August 2013, of State aid rules to support measures in favour of banks in the context of the financial crisis, the so called “Banking Communication”). On 6 November 2014, the Slovenian Constitutional Court submitted the question to the European Court of Justice whether the Banking Communication of the European Commission should be interpreted as binding upon Member States and whether the measures are obligatory if state aid is subsequently to be deemed legal (Ustavno sodišče Republike Slovenije 2014).
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Avsec, F. (2016). From Credit Cooperatives to Cooperative Bank in Slovenia. In: Karafolas, S. (eds) Credit Cooperative Institutions in European Countries. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-28784-3_23
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