REGIONAL PROFILE DIGEST
• Capitol – Tirana 418.495 (2017)
• Population – 2.870.000 (2017)
• Total CU Sector Penetration rate – 5.81% (2018)
• GDP – USD 4.537 (2018)
• Human Development Index – 0.785 (2018), rank 68
Credit Unions Information (all data Dec 2019)
• Number of credit unions – 14
• Number of members (total) 114.480
• Assets: USD 107.393.220
• Loans: USD 74.322.330
• Reserves: USD 7.610.123
• Shares: 80.499.123
• Apex (-s) details: no apex, cu system is composed of two multi branched credit unions
Legislative Framework
• Legal form: cooperative under cu law, regulated and supervised by the National Bank of Albania
• Law on credit unions: Law 52/2016 For Savings and Credit Association and their Unions
• CRDIV exemption status: no
• Access to payment system: no
• Deposit guarantees: yes
• Debit/credit cards: no
• Services: consumer credit, agri lending, SME lending
• Tax regime: no corporate/income tax
EU Status
EU Candidate country since 2014. Membership negotiations to start in 2019
• Capitol – Zagreb 806.920 (2016) • Population – 4.174.349 (2016) • Total CU Sector Penetration rate – 1.1% • GDP – USD 13.386 (2017) • Human Development Index – 0.831, rank: 46 Credit Unions Information (all data June 2019) Legislative Framework EU Status |
• Capitol – Tallinn 435.562 (2017)
• Population – 1.316.000 9 (2017)
• Total CU Sector Penetration rate – 0.46
• GDP – USD 20.200 (2017)
• Human Development Index – 0.871, rank 30 (2017)
Credit Unions Information (all data Dec 2019)
• Number of credit unions: 19
• Number of members: 15.010
• Assets: USD 181.943.265
• Loans: USD 172.421.666
• Reserves: 4.190.389
• Shares: USD 173.199.885
• Apex (-s) details: Estonian Union of Credit Cooperatives EUCC
Lobbying, advocacy, training. Founder of own Deposit Guarantee Fund and other joint ventures for payment services
Legislative Framework
• Legal form: cooperative under cu law, self-regulated. Two cus which are licensed as payment institutions are supervised by Estonian Financial Supervision and Resolution Authority (the Regulator)
• Law on credit unions: Savings and Loan Association Act of 1 July 1999 with amendments of 9 July 2010
• CRDIV exemption status: yes
• Access to payment system: yes, through Baltic Shared Services, Ltd. All cus are shareholders of this company
• Deposit guarantees: own DGF scheme, no access to state DGF
• Debit/credit cards: no
• Services: consumer credit
• Tax regime: yes
EU Status
Member Country since 2004
• Capitol – Riga 633. 820 (2017) • Population – 1.942.248 (2017) • Total CU Sector Penetration rate – 0.91% (2018) • GDP – USD 15.684 (2017) • Human Development Index – 0.847, rank 41 (2018) Credit Unions Information (all data Dec 2019) Legislative Framework EU Status |
• Capitol – Vilnius 574.147 (2018)
• Population – 2.828.40 (2017)
• Total CU Sector Penetration rate – 5.38% (2018)
• GDP – USD 16.809 (2017)
• Human Development Index – 0.858, rank 35 (2017)
Credit Unions Information (all data Dec 2019)
• Number of credit unions: 65
• Number of members: 161.255
• Assets: USD 1.079.347.258
• Loans: USD 712.808.787
• Reserves: 85.863.775
• Shares: USD 1.009.228.944
• Apex (-s) details: Lithuanian Central Credit Union (LCCU), est. 1994, 49 credit unions, 111 045 members, HQs in Kaunas, JCKU KREDA, est. in 2017, 11 credit unions 41 000 members, HQs in Vilnius. Both centrals operate under banking law, individual credit unions operate under CU law. Both centrals provide liquidity support for their cu members, accept deposits and extend loans to credit unions – cooperatives
Legislative Framework
• Credit unions legal form : cooperatives under cu law, regulated and supervised by the National Bank. Centrals under banking law
• Law on credit unions of 2018 (consolidation reform)
• CRDIV exemption status: centrals conform, credit unions exempted
• Access to payment system: yes (centrals)
• Deposit guarantees: yes
• Debit/credit cards: yes – Mastercard through a foreign bank
• Services: consumer credit, agrilending, SME lending
• Tax regime: yes
EU Status
EU Member Country since 2004
• Capitol – Chisinau 674.500 (2017) • Population – 3.550.000 (2017) • Total CU Sector Penetration rate – 4.7% • GDP – USD 2.290.23 (2017) • Human Development Index – 0.700, rank 112 Credit Unions Information (all data Dec 2019) Legislative Framework EU Status |
• Capitol – Bucharest 1.836.000 (2017)
• Population – 19.640.000 (2017)
• Total CU Sector Penetration rate – 0.61%
• GDP – USD 10.819 (2017)
• Human Development Index – 0.811, rank 52
Credit Unions Information (all data Dec 2019)
• Number of credit unions: 24
• Number of members: 96.400
• Assets: USD 110.492.664
• Loans: USD 88.388.283
• Reserves: USD 12.240.788
• Shares: 97.711.588
• Apex (-s) details: FEDCAR – association (NGO) for advocacy and lobbying, no financial functions, OMENIA – an apex for pensioners credit unions (1.400.000 members) and UNCAR
Legislative Framework
• Legal form: cooperative under cu law, self regulated, no credit institution status. Legally overseen by Ministry of Public Finance
• Law on credit unions:
• CRDIV exemption status: no hence no formal deposits collection. Instead “social fund” account as equiv. to deposit account
• Access to payment system: no
• Deposit guarantees: no
• Debit/credit cards: no
• Services: consumer credit
• Tax regime: yes
EU Status
EU member country since 2007
• Capitol – Ankara 5.445. 000 (2018) • Population – 81.400.000 (2018) • Total CU Sector Penetration rate – 1.35% • GDP – USD 9.445 (2018) • Human Development Index – 0.791, rank 64 (2017) Unions Information (all data Dec 2019) Legislative Framework EU Status |
Sources:
GDP, population : World Bank
Human Development Index : UNDP ranking of 188 countries and territories, the highest index number the highest ranking. Norway ranks first and has 0.953 index number. USA ranks 13 and has 0.924 index.
Index/ranking is an algorithm for life expectancy at birth, expected years of schooling, mean years of schooling, GNI per capita
Credit unions statistics – WOCCU 2019 Statistical Report
Other data: own research