​BRUSSELS, 5 JULY-ESBG follows with great interest the work carried out by the European Commission and the Platform on Sustainable Finance in developing the EU Taxonomy, and especially its extension to social objectives.

Locally-focused savings and retail banks are built on traditional business models that are centred on being responsible and conscious of the needs of society. We play a crucial role in supporting inclusive and sustainable societies, as we provide fundamental banking services to our customers – primarily private households, SMEs and local/regional communities. We contribute to strengthening social cohesion and ensure that no one is excluded from basic access to financial services.

Due to their specific role, position, and social tradition, we believe that savings and retail banks should be part of any debate on sustainable finance. In light of this, ESBG launched today a white paper on the crucially important social taxonomy. The two-pager describes ESBG members’ socially-committed business model and we highlights what makes them different from other banks. It will be of utmost importance to get the future social taxonomy right in order to allow Europe’s savings and retail banks to continue exercising their customer-centric, socially-committed and responsible approach to business.