The Cooperative Bank of Karditsa was described as a model of good operation and a sound and sustainable business model by Yannis Stournaras, in his speech at the anniversary event for the 30th anniversary of its foundation. 

Thanks to the continuous and effective effort of its management and staff, with the simultaneous support of the local community and its shareholders, it is a successful example of a cooperative bank, the head of TEEELL -1.07% noted. 

The bank not only did not need state support or recapitalization, but also managed to effectively manage the large volume of non-performing loans, relying on its own strengths, and the result of its actions is considered highly positive, as it is now the only cooperative bank with a single-digit non-performing loan ratio, he added.   

"I have to admit that a few years ago I had a different picture from the one I have today about cooperative banks and the importance they have for the local economy, but also for strengthening competition," the central banker stressed, underlining that the economic crisis that hit the country also hit the cooperative banking sector.