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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.