“Paper money always returns to its intrinsiq value - which is zero.”



General Meeting Art Reserve Bank - December 11, 2014

Congres in RAI

 Due to various circumstances, we have already had to postpone several times the annual meeting of the Cooperative Art Reserve Bank. Also the plan to hold the annual meeting around the coinpress in HAL25 in Alkmaar, proved financially unfeasible and was canceled at the last minute.

With help from the Artkitchen we eventually managed to find a suitable location in Amsterdam. At the very last minute because the meeting will now be held in the last weekend of 2014. Not as pictured above in the RAI Conference Center, but nearby - namely in the Cult Shop Gallery on the platform of the RAI railway station. Members, employees, sponsors and other interested parties are welcome to attend this important meeting at which a number of crucial decisions about the future of the bank will be taken.


Amsterdam RAI
Sunday, December 28, 2014
14:00 to 16:00 hours
Cult Shop RAI platform 1/2
Station RAI Amsterdam

The members meeting is an important part of the ARB experiment. The project is based on the idea that the members of the coop take part in the execution of the experiment. The members of the cooperatve bank decide how the experiment is to develop financially, artistically and as an organization. The latter is also the main topic of the next meeting.

At the start we knew it would be very difficult to run the experiment over a period of five years. The setbacks and miscalculations of the past year have shown how much effort it really takes to overcome all occurring problems. Not only financially but also physically and mentally we sometimes reached the limits of the possible this year. At the same time we witnessed a growing appreciation and public support for the experiment. The Art Reserve Bank clearly appeals to the increased public interest in the fundamental problems of the current financial system. So it is fair to say that substantively and artistically it remains a very interesting experiment. But this year it also become clear that in some critical areas the implementation is lacking.

If we want to continue the experiment, this will have to change. It is now for to the members to decide how. At the coming meeting, all ideas will be discussed and - if possible - concrete proposals for change will be put to the vote.

All members - ie those who have a membership card or possess one or more coins - may vote. Every coin counts as one vote. On showing your membership card and/or certificate(s) included with the coin(s), you will receive a corresponding number of voting cards. Introduces are welcome. On the spot the can become a member by purchasing the current coin by Doina Kraal and thus acquire voting rights.


The organization of the meeting is in progress but on the actual day we still need a few extra hands. So who wants to help on December 28 with decorating the space, catering, administration of votes, etc.? Also very important: we are still looking for a chairman and someone who wants to keep the minutes! Send an email to info@kunstreservebank.nl or call +31(0)6 1226 3331.


A few days before the meeting, the annual report on the website will be published. You will also receive the actual agenda. If you feel that certain topics are missing, you can mail them and they will be added to the agenda.


The cooperative was formally run by a board of directors consisting of four members. Last year, however, these directors have filed their functions. For very understandable reasons because the nature of the experiment made it almost impossible for the board to lead the cooperative effectively. After all, without a clear budget it is very hard to organize things at a mere administrative level.

And so for almost a year the manager also holds the position of acting chairman. Formally, this is obviously not correct for according to the statutes, the cooperative should be led by at least three board members. And also practically this is a very undesirable situation. One of the main reasons why the implementation is problematic, is indeed due to the fact that the bank is still a one-man operation. All functions and all tasks in one hand is not wise for a project of this size - and let's face it: not really feasible.

As mentioned, there is widespread admiration for both the concept and setup of this extraordinary bank experiment. But now fresh people are needed to turn this enthusiasm into an effective governance. So the bank is urgently looking for new board members who want to be actively engaged in the entire organization. Administrative experience is obviously a plus but not necessary. More important is a willingness to tackle all practical, financial and organizational issues.

It would be nice if we can elect a new board immediately at the annual meeting. Candidates can register by sending an email to info@kunstreservebank.nl. If you first want know what the various functions imply, you can also call management: +31(0)6 1226 3331


Committee recommendation:

Herman WijffelsProf.dr. H.H.F. Wijffels, former CEO of Rabobank, chairman of the Dutch Social Economic Council and administrator at the World Bank in Washington. Herman Wijffels is currently professor of 'Sustainability and Social change' at Utrecht University.

Arnold HeertjeProf.dr. A. Heertje, Emiritus professor of Political Economy at University of Amsterdam's law faculty. Meanwhile professor of History of Economics and member of the Royal Dutch Academy of Sciences (KNAW).

Rick van der PloegProf.dr. F. van der Ploeg, was State Secretary for culture and media in the Kok II cabinet. Rick van der Ploeg is now professor of Economics at Oxford University and professor Political Economy at Amsterdam School of Economics.

Coop Art Reserve Bank — Overtoom 256, 1054JA Amsterdam — T. +31 6 1226 3331 — info@kunstreservebank.nl