FINANCIAL INCLUSION - Right to Basic Bank Accounts become more popular in Europe, reveals a study of the World Savings Banks Institute. In a study on basic bank accounts the World Savings Banks Institute reveals that countries like France, Belgium, Sweden, Finland, the UK, and Germany have legal obligations to supply basic bank accounts to all citizens. While in some countries this is a general right other countries oblige public institutions to supply such services or offer commitments from the banking industry. There is some doubt about the completeness of this list. For example, in Germany the government has announced to introduce a legal obligation because in its latest report it finds that the self-binding rules of the banking industry lack effectiveness. For the Netherlands the communal and social banks who especially target the poor (such as NVVK) are not covered either. Anyhow, the overview indicates that access to full blown banks, for poorer consumers as well, is an important means for social justice in the future. Their needs cannot be left to predatory lenders and dubious financial institutions that are not sufficiently supervised and demand high charges. In a move towards more community reinvestment transparency, banks in Europe should be obliged to disclose how they serve these needs individually. The study is annexed below. ID: 38068 Author(s): iff Publication date: 08/08/06     WSBI: Basic bank accounts in the EU (53988 Bytes)

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