Loading ...The advantage of credit union in the context of the current global financial crisis is that they have a very conservative, cautious functioning, and the associated risks are not numerous, with a rate of non-payment of loans of 2% at present, Florin Simion, CEO of the Federation of Credit Unions of Romania (FEDCAR) said.
The European Congress of Credit Unions, which is taking place in Bucharest over Nov. 18-21, will look for viable solutions to the population’s financial problems from all member states, so that the social impact of the crisis curb as much as possible. The Congress, organized by the Federation of Credit Unions of Romania (FEDCAR) together with World Council of Credit Unions (WOCCU) will present the evolution of the system of credit unions and will draw out the policies of financial management in the current financial situation.
The directions outlined since the opening of the works focus on financial organization, healthy investments practices with investments portfolio without risks, cooperation at international level.
“The current situation made us take the necessary measures in order to be harmed as less as possible by the rebound of the financial market turmoil.
We have started the activity of rising prudence in drives, such as the level of liquidity, the concern for the recouping of loans.
Challenges and stress caused by the current financial situation at international level are, however, as many opportunities to observe and prove the strength of our crediting system, and I do not refer to Europe, but to the United States. The crediting conditions are better that at banks, because this is a measure of help not a business,” Florin Simion, manager of the Federation of Credit Unions of Romania (FEDCAR) told Agerpres.
Attending the congress are representatives of the Credit Unions Associations (CAR) affiliated
to the Federation and representatives of other credit unions associations from Romania, representatives of the representation associations of Poland, Ireland, UK, Russia, Macedonia, Ukraine, Lithuania, Uzbekistan, Moldova, Kyrgyz Republic and the United States.
The participants in the congress presented the climate in which the credit union run their activity, legislation and good practices applicable to these bodies.
to the Federation and representatives of other credit unions associations from Romania, representatives of the representation associations of Poland, Ireland, UK, Russia, Macedonia, Ukraine, Lithuania, Uzbekistan, Moldova, Kyrgyz Republic and the United States.
The participants in the congress presented the climate in which the credit union run their activity, legislation and good practices applicable to these bodies.
At present there are some 3,000 credit unions registered in Romania, according to the National Bank of Romania. According to the World Council of Credit Unions (WOCCU), Romania had one year ago as many as 59 affiliated credit unions, with less than 60,000 members.
The coverage rate was of 0.38%. FEDCAR includes, according to CEO Florin Simion, the strongest 15 credit unions with assets worth 47 million dollars, serving 68,000 families.
The Central Federation of Credit Unions was established in June 2004 and became member of the World Council of Credit Unions (WOCCU) on June 1, 2005. WOCCU has branch offices in 97 countries and serves 173 million people.
The Central Federation of Credit Unions was established in June 2004 and became member of the World Council of Credit Unions (WOCCU) on June 1, 2005. WOCCU has branch offices in 97 countries and serves 173 million people.
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