Chapter II: Mutual and cooperative banks.

Société centrale de crédit maritime mutuel may carry out any financial transactions on behalf of other maritime mutual credit institutions and provide them with its services. It centralises all surplus resources of the regional mutuals and unions and coordinates the financial and accounting methods of their operations. It controls commitments in accordance with the rules defined by the central body of the savings banks and banques populaires. It submits general…

The Autorité de contrôle prudentiel et de résolution referred to in Article L. 612-1 may, after obtaining the opinion of the central body of savings banks and banques populaires, grant collective authorisation to the Société centrale de crédit maritime mutuel for itself and for those regional banks or unions of maritime credit mutuals that have entered into an agreement with this company to guarantee their liquidity and solvency. For the…

The total amount of funds corresponding to advances from the State held by a regional fund or union may not exceed ten times the total of its paid-up capital and, where applicable, the guarantee fund opened in its books.

A specific fund for general banking risks, known as the “Fonds central de solidarité du crédit maritime mutuel”, is created in the books of the Société centrale de crédit maritime mutuel to guarantee the solvency and liquidity of the institutions mentioned in Article L. 512-69. The organisational procedures and operating conditions of the central solidarity fund are set by the general regulations provided for in article R. 512-39.