The Credit Cooperative System in Romania

Daniela Pirvu () and Logica Bănică
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Daniela Pirvu: University of Pitesti

A chapter in Credit Cooperative Institutions in European Countries, 2016, pp 363-378 from Springer

Abstract: Abstract Credit cooperatives in Romania are a category of non-banking financial institutions. The first forms of credit cooperatives emerged in nineteenth century. The credit cooperative system has its own cooperative self-help mechanism. Central House of Credit Cooperatives represents a credit institution established by the association of credit cooperatives, in order to manage their common interests, to track compliance with applicable laws and regulations for all affiliated cooperatives, by exercising administrative, technical and financial supervision and control on their operations. Loan products offered by credit cooperatives (CREDITCOOP network) have a low level of complexity. They are mainly offered to individual customers, having a short-term maturity. The overwhelming majority of loans are aimed at individuals. The CREDITCOOP network has a lending activity predominantly in rural space. The arrangement of units especially in small towns and rural areas aims the proximity to low-income customers and small and medium farmers. Credit cooperatives want to provide them with a wide range of products, from paying various types of bills to granting credits and keeping their economies. Credit cooperatives in Romania were faced with internal fraud, in recent years. In order to manage information risk more effectively, all transactions of secondary locations shall obtain approval from the head office, by authorized persons.

Keywords: Banking System; Credit Union; Legal Person; Central House; Share Capital (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-319-28784-3_20

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DOI: 10.1007/978-3-319-28784-3_20

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