Ayadi et al. (2009) argue that different institutional forms should coexist and should be made sufficiently strong so that they have a fair chance of emerging successfully from the struggle in which different forms of organizing banking activity compete with each other. They argue that diversity in the field of financial intermediaries is only a positive thing and that policy measures should be taken to preserve diversity. According to Fonteyne (2007), cooperative banks may be more vulnerable to certain shocks, including credit quality and interest rate developments, but the possibilities to manage these vulnerabilities are increasing. Interestingly, Rasmusen (1988) pointed out that if the business environment becomes less risky, the advantages of mutuals over stocks decrease and their importance in financial markets declines. However, because the recent past .
