CREDIT UNION Movement in ROMANIA
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1 CREDIT UNION Movement in ROMANIA
2 Short History of the CUs Movement in Romania The mutual credit activity appeared in Romania as early as the late 19th century, as a result of the need of various social categories to have access to loans, as the banking sector s development was incipient. Between the II World Wars the legal framework in Romania was in line with the most advanced movements in the world. Saving, credit and assistance associations were providing important financial service to their members such as: long term loans for investment (housing, mortgages, etc.), financial aids for illness, accidents, infirmity etc. After the II World War the associations for savings, credit and assistance were subordinated to trade unions and the estate of them was partly transferred into the property of trade unions. Their denomination changed into C.A.R. ( Mutual Assistance Houses ), which is still in use today. During the communist regime C.A.R. developed, and became the most important source of consumer loans for the state waged employees. After 199 C.A.R. decided to become independent from trade unions and free politically. Consequently, they associated themselves into territorial unions and into the National Union of C.A.R. (U.N.C.A.R.). Due to the difficulties of the transition period (industrial restructuring, unemployment etc.), the number of C.A.R.s members dropped to 3,, in 1996, 1,454,197 in 2 and 1 in. Lock of an entrepreneurial culture of the former state employees made difficult their re-orientation towards new economic sectors and independent economic activities and faced massive lay-offs. Until now, C.A.R.s have remained a financial institution mainly for waged employees. Presently, the National Union is strongly working so that C.A.R. deliver microcredits to an increased number of self-employees both from the urban and rural areas.
3 CU Romania a 3-tier system C.U. movement in Romania is organized on three levels linked by vertical and horizontal informational channels and by treasury funds at territorially and national levels N.A.C.U. (National Association of Credit Unions) issues by-law statutory framework and carry out supervision of CU by a Supervision Department T.A.C.U. (Territorially Associations of Credit Unions) carry out financial control of thecu NATIONAL ASSOCIATION OF CREDIT UNIONS TERRITORIALY ASSOCIATION OF CREDIT UNIONS 1 TERRITORIALY ASSOCIATION OF CREDIT UNIONS 2 TERRITORIALY ASSOCIATION OF CREDIT UNIONS 42 CREDIT UNION 1 CREDIT UNION 2 CREDIT UNION 3445
4 Products and services Personal Loans for Consumption Personal Micro-Credits for Micro- Entrepreneurs Savings to the Social Fund of Members Non-Reimbursable Financial Support for CU Members (in case of social needs such as: naissance, scholarship, university studies, death etc).
5 LOANS OFFER: Traditional Loan in amount of 3-4 times the social fund of client/member short term loans, with 1-12 month; medium term loans, with 1-3 years maturity. Diversified Loans: urgently loan with 1 week, 2,3,4 weeks maturity; short term loans, with 1-12 month; medium term loans, with 1-3 years maturity.
6 Productive Assets/Outstanding Loans (Euro) 5,, 45,, 4,, 35,, 3,, 25,, 2,, 15,, 1,, 5,, Productive Assets Outstanding Loans
7 Number of Credit Unions 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 3,895 3,618 3,446 3,134 2,695 2,51 2,377 2,197 2,94 1,966 No. Of CU
8 Productive Assets/CU (Euro) 25, 2, 15, 1, 5, Reference Prod.Assets/CU
9 Disbursed/Reimbursed Loans (Euro) 6,, 5,, 4,, 3,, 2,, 1,, Disbursed Loans Reimbursed Loans
10 Average Disbursed Loan (Euro) 1,2 1, Reference Av.Disb.Loans
11 Solvability Index Solvability Index
12 Total Social Fund of Members-Clients (Euro) 4,, 38,556,586 35,, 3,, 25,, 232,587, ,22,56 253,791, ,23,25 272,945,541 29,818,468 32,71, ,38, ,982,528 2,, 15,, 1,, 5,,
13 Number of CU Members-Clients 1,8, 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, 1,526,73 1,444,632 1,323,591 1,188,615 1,115,633 1,43,29 1,2, , , ,564 No.of CU Members
14 Average Social Fund/Client/Member (Euro) Average Social Fund/Member
15 No. of Employees (Thousands persons) No. of Employees
16 Employers and Selfemployers (Thausand persons) Employers and Selfemployers
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