Credit unions in the European Union

In Europe, credit unions operate in the United Kingdom, Ireland, Poland and Lithuania. In addition to these countries, credit unions in the EU also operate in Latvia, Romania and Estonia, however, the laws of these countries do not provide for a specific act regulating their business, but operate in accordance with other laws governing the business of credit and financial institutions.

The work of credit unions is supervised by the Central Bank, the institution responsible for the regulation of the financial sector, the Ministry of Finance, or another statutory institution, with mandatory independent audit of business by the auditor designated by the Credit Union Assembly.

Savings Deposit Insurance

Savings Deposit Insurance

In most European countries, savings deposits in credit unions are secured in the same way and in the same amount as savings deposits with banks. In the wake of the financial crisis, most countries have raised their savings deposit limit to restore their confidence in the financial system, and so are world-wide examples of the United States (the limit is

temporarily raised from $ 100,000 to $ 250,000), Germany (limit is completely lifted and full savings guarantee is guaranteed), Australia (no insurance at all, up to AUD 1 million was introduced). In Poland, the limit has been raised twice, from € 22,500 to € 50,000 to € 100,000, as in the UK to the current level of GBP 85,000, and in the EU as a whole, from € 20,000 to € 50,000 and more recently to € 100,000.

Examples of developed markets in Europe are, first and foremost, the United Kingdom and Ireland, not only because of their importance in the market, but also because of quality legislation involving all stakeholders: credit unions, the Ministry of Finance, the regulator and the legislator. Also, in these countries, public debates aimed at amending the law have been conducted or are ongoing, or the amendments have recently entered into force after a systematic analysis of all the features relevant for the further development of credit unions.
Great Britain

The UK began reforming the legislation of the cooperatives and credit unions sector in 2007, a comprehensive survey conducted by the Ministry of Finance on over 200 individuals and organizations surveyed. The result of the initiative is the Amendments to the Credit Unions Act, which came into force on January 8, 2012.

The basic changes to the Act are as follows


  • Credit unions are allowed to extend membership to more than one group of people, no matter where they live or work. The territorial principle has been extended in such a way that the maximum number of potential members who can join the credit union under this principle must not exceed 2 million.
  • The number of so-called “non-qualifying members”, ie members who no longer satisfy one of the principles because they have changed their place of residence or place of work, is limited solely by the credit union statute, ie the rules that credit unions determine independently.
  • Membership is not limited solely to natural persons, but also to legal entities that satisfy one of the principles, with the limitation that legal entities may account for a maximum of 10% of the total membership and 25% of the total ownership shares.
  • As credit unions are regulated by the FSA, savings in credit unions are secured up to £ 85,000.
  • There is a restriction that credit unions cannot charge interest rates higher than 2% per month, or EIRs of 26.8%.

Republic of Ireland

There are more than four hundred credit unions on the market

There are more than four hundred credit unions on the market

In the Republic of Ireland with around three million and savings of over thirteen million.

In March 2012, Ireland published the final Report of the Credit Unions Commission, a body established on 31 May 2011 at the initiative of the Government of the Republic of Ireland, composed of representatives of credit unions, the Ministry of Finance, the Registry of Credit Unions and independent experts in the field of finance and law.

In its work, the Commission had the support of occasional members, ie a five-member Secretariat of the Ministry of Finance, as well as a three-member working group made up of employees of the Central Bank. The report also contained a preliminary report from the Commission of September 2011, which made recommendations in relation to regulatory requirements, defined the powers of the Irish Central Bank, as well as the rights and obligations of credit unions in relation to a deposit insurance scheme.

How To Get The Fastest Online Credit Online

Thinking of a new kitchen? Clothes in the closet can no longer be worn at home? Your friend still decided that she would get married this year? – In these situations, you are certainly asked how to raise enough money as soon as possible and how quickly to get a loan.

With the average Croatian salary not enough for basic living, there is hardly anything to save on the side. Any, even the smallest bill you didn’t plan to spend can completely squeeze your home budget. How to get the fastest loan – is a question that arises in such situations when you want to resolve things as soon as possible. It is simply better to try to remedy the financial problems as soon as possible so that they do not turn into more serious difficulties.

Getting the Loan Fastest – Good Gold Information Worth It


As soon as you see the possible costs that could seriously damage your day-to-day life, try to inform the banks and lenders about the best possible solutions. Collect several deals on both sides to see which sum, repayment plan and interest rate are best for you. Keep in mind that you will have to pay off your daily living expenses while making a loan, so before you decide on one option, make sure you can repay it.

Put your income and expenses on paper and it will be much easier to keep track of where your money is going. And when you do, it will be easier to decide which things to eliminate and which ones are worth spending the money on. This type of service is the same as online bank lending.

Banks are only partially operating online


Listening to the market, banks have introduced the so-called so-called “product” into their product range. fast loans that can be reached online. Borrowing is as easy as surfing social networks. The client chooses a fast loan and the conditions that best suit him and within 24 hours he receives an answer to his e-mail if he fulfills all the conditions for the desired loan. If all is well, documentation is sent.

However, not all banks have this option, and part of them that have moved their businesses to the internet do not have an online credit facility that can be done completely over the wire. Part of the business still requires going to the bank and waiting in lines, which is what clients do not want to spend their time on. As soon as something spends too much time, it is not the most desirable answer to the question of how fast to get credit .

How To Get The Fastest Way To Credit Through A Credit House

How To Get The Fastest Way To Credit Through A Credit House

Unlike banks, credit houses have adapted their operations to the modern age. All their services are offered exclusively online, which means that every potential customer can submit their loan application online. When entering “how fast to get a loan” in the search engine, make sure that the credit institution has a license approved by the Croatian National Bank.
Documentation to be submitted when applying for a loan is a contract that a customer removes from the credit home page, ID card, current account card, and a copy of a bank statement or payroll. A bank statement or payroll is only required for amounts greater than HRK 3,000.
Customers seeking credit through this route should be aware that the account must not be protected or blocked or subject to foreclosure. Although creditworthiness is not verified and the HROK report is not monitored, the client should have regular pay or retirement benefits and regularly settle his or her debts.