The presentation of the “Compromisos TEB” savings bonds was attended by the minister for the Economy and Knowledge, Andreu Mas-Colell, who stressed the initiative to help improve the financing of the cooperative and at the same time encourage families to save. “If you issue some more, let me know, because I’d buy them,” he said. Rosa Cadenas, president of Dincat, and Perfecto Alonso, president of the Federation of Workers’ Cooperatives, handed over the certificates to the families, who have made a double commitment, to the cooperative movement and to upholding the rights of disabled people.
“Compromisos TEB” bonds represent a step forward in the use of the tools offered by the cooperative model for two purposes: to diversify sources of finance and to give families a better financial return on their savings. The financial manager of the cooperative, Artur Feijoo, pointed out that, thanks to the savings bonds and also to the expansions in member capital, the whole cooperative group managed to cut its financial costs by 20% in 2014. “We also got better terms from conventional banks because they see us as a solvent organisation with the capacity to generate resources,” explained Feijoo.
According to Miquel Miró, head of the cooperative investment group Gicoop and a member of TEB, families increasingly want to know what their savings are used for and initiatives of this kind help in this respect. Miró feels that the cooperative movement must make use of all the tools available to it in the area of finance, bearing in mind that people’s commitment is its greatest strength.
This first issue of “Compromisos TEB” savings bonds for 300,000 euros carries annual interest of 3.75% and matures after three years. The cooperative offers liquidity, as it promises to repurchase the bonds, which are also callable, so guaranteeing that their holders will get their money. Each member could purchase up to 20 bonds, worth 10,000 euros, and a minimum of one bond, worth 500 euros.
The occasion was also attended by TEB’s main customers and associates, as well as the members of the Catalan parliament Lluís Corominas and Eva Granados; the member of the Spanish parliament Ángeles Esteller; the director general for Economic Policy and Development, Albert Carné, the director general for Cooperatives, Xavier López; and the member of the Barcelona provincial authority responsible for Social Welfare, Josep Oliva.