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In search of autonomy since 2022, Nef has taken a crucial step forward with an unprecedented citizen fundraising and a return to profitability. As its General Assembly approaches, the cooperative is only waiting for the formalization of its autonomy to develop new services.
Since 2022, La Nef has wanted to assert itself as the first independent ethical bank in France by putting an end to the back-up system linking it to Crédit Coopatif (BPCE group). From the first exchanges with the banking authorities, Nef had to demonstrate its ability to carry out its activity independently, but also to significantly increase the level of its own funds, in parallel with the dynamism of its banking business.
To do this, she led a large-scale citizen fundraising campaign. Between October 2022 and May 2024, thousands of individuals, businesses, companies, associations, committed institutions, former or new members supported his project. The cooperative thus recorded an additional 25 million euros in equity, a year and a half after the launch of its citizen fundraising in support of its autonomous ethical banking project. (“Big Bank” campaign) having set a fundraising objective of €30M over 3 years. The amount of the cooperative's own funds as of 31/03/2024 thus amounts to €85M.
In 2023 La Nef returns to profitability and proves that a banking model based on the short cash circuit, non-speculation and the financing of the social and solidarity economy and projects with positive impacts is viable, even in a complicated economic context.
Finally, the 2 indicators that are particularly monitored by the financial authorities are in good shape: as of 31/12/2023, the solvency ratio was 15.7% (for a regulatory minimum of 11%), and the liquidity ratio was 231% (for a regulatory minimum of 100%).
The Nef is an essential contributor to the financing of solidarity associations and businesses throughout the country. The Nef savings account is the solidarity savings account that has experienced the strongest growth over the last 5 years in France, representing 29% of the market shares. Thanks to this savings drive, In 2023, Nef was able to finance 529 new projects with a positive impact for €169 million (see the list of 2023 funding).
“We are proud to show these good results, despite the blocking situation imposed by the expectation of obtaining our autonomy. As soon as the latter is formalized, we will be able to launch new projects, both to consolidate our economic model but also to meet the expectations of French citizens and businesses.”
Ivan Chaleil, Director General of La Nef.
Link to the 2023 annual report
When it was created as a credit institution in 1988, the banking authorities required La Nef to be supported by a local, larger bank. Since that date, Crédit Copératif has been the backer institution: its role being to guarantee its liquidity and solvency with the Banque de France and to ensure that it meets its regulatory obligations.
Today, this back-up mechanism is no longer adapted to the size, needs and development ambitions of the cooperative. This independence will make it possible to launch new partnerships and products such as bank cards for professionals or card accounts for individuals, thus offering a complete ethical banking alternative on the French market.
“At a time when only 6 major banking groups hold more than 80% of assets and where the responsibility of banks in the climate and social crisis is increasingly being blamed, the autonomy of the NEF will allow us to affirm more strongly our alternative ethical and citizen banking project in France.”
Bernard Horenbeek, Chairman of the Executive Board of La Nef.
About:
Created in 1988, with the aim of exclusively financing ecological, social and cultural projects, Nef is a French citizen banking cooperative approved as a Solidary Social Utility Company (ESUS). Its mission is oriented towards the common good and not on profit (wage differences are limited: from 1 to 4 in 2023), by avoiding speculative activities on the financial markets, it only finances the real economy, with a short money circuit.
It has 87,000 customers, including 48,000 members, and has financed more than 8,000 projects with a positive impact for an amount of €1.3 billion. Committed to total transparency: it is the only French financial institution to publish every year The complete list of funding received.
Recognized for its low carbon impact, Nef is one of the financial institutions that emit the least CO2 in France, with only 121 TCO2eq emitted per million euros invested compared to 423 TCO2eq on average for large French banks.
