...Treasurer for AECR Mem bers : The ratings of Banco Cooperativo Espanol, S.A. (BCE) reflect its strategic importance as treasurer for the members of the Spanish rural credit cooperative association (Asociacion Espanola de Cajas Rurales; AECR), providing it w ith a stable, but low - margin, business. Ratings also factor in BCE's low -risk appetite, adequate risk management and stable liquidity profile. Channelling Liquidity, Key Function: Channelling liquidity from/to AECR members is BCE's main function. Therefore, the structure and size of the bank's balance sheet depend to a large extent on the liquidity and financing needs of AECR members. At end-2018, the AECR consisted of 29 members, w ith aggregate equity of around EUR5.6 billion. Support Underpins Strategic Role : The cross-support mechanism betw een AECR members and BCE w as strengthened in December 2017. It includes a private guarantee fund that w ill be available to deal w ith any liquidity or solvency problems w ithin the banking...
