Credit Unions in Lithuania, their Regional

ISSN 1392-1142
ORGANIZACIJŲ VADYBA:
SISTEMINIAI TYRIMAI: 2 0 0 3 . 2 6
Kristina LEVIŠAUSKAITĖ,
Dalia KAUPELYTĖ
Credit Unions in Lithuania, their Regional
Development and Perspectives
As Lithuania is integrating to the European Union, the
impact of consolidation and concentration processes in
the European and world financial markets, is felt in the
Lithuanian retail banking sector. After privatization,
commercial banks started to close their branches in
Lithuanian regions. Most individuals, living in rural
areas were left with no access to financial services near
the place they live.
Lietuvai integruojantis į Europos Sąjungą, Europos ir
pasaulio finansų rinkose vykstanti konsolidacija ir kon­
centracija daro įtaką ir mažmeninės bankininkystės sek­
toriui. Lietuvoje privatizavus komercinius bankus, re­
gionuose buvo uždaromi šių bankų skyriai ir kaimo
vietovėse gyvenantys žmonės prarado galimybes nau­
dotis finansinėmis paslaugomis arti savo gyvenamo­
sios vietos.
The main object of this research is to explore, if credit
unions, as a cooperative financial institution could play
the role of commercial banks in the regional retail bank­
ing sector.
Šiuo tyrimu siekiama nustatyti, ar kredito unijos, kaip
kooperatinės finansinės institucijos galėtų atlikti komcrciniųbankų vaidmenį regioninėje mažmeninėje ban­
kininkystėje.
The results o f the study of credit unions activities in
different districts of Lithuania show, that credit unions
have more possibilities to develop in those districts,
where a macroeconomic situation is worse.
The investigation of changes in the whole bank branches'
structure has proved that credit unions have a niche to
develop in the place of the former banks' branches.
Developing products and spreading a customer service
network, credit unions can play a major role in the retail
banking of Lithuanian regions.
Kredito unijų reikšmės tyrimo rezultatai Lietuvos re­
gionuose parodė, kad didesnės j ų vystymosi galimybės
yra tuose regionuose, kuriuose prastesnė makroekono­
minė situacija.
Introduction
Quick business movement into the Internet
environment, the pressure to increase market
value of an institution, the European-wide
expansion and consolidation make new de­
mands for the providers of retail banking ser­
vices in Europe. The formation of a new com­
mon European retail banking market forces
financial institutions to identify thcirplace in
the global context and to react to the pro­
cesses of consolidation and increasing com­
petitiveness, orientating to the revelation of
Great changes, related to the processes of
globalization, consolidation, technological
innovation and deregulation, are noticed in
the sector of financial services starting from
9th-10th decade of 20th century. They have
caused changes in the structure and competi­
tive environment of this sector, have influ­
enced the expansion and development strate­
gies of separate financial institutions.
Bendroje bankų skyrių struktūroje pokyčių tyrimas at­
skleidė, kad kredito unijos atsiranda uždaryto banko
skyrių vietose. Plėtodamos paslaugas ir aptarnavimo
tinklą kredito unijos gali užimti svarbią vietą Lietuvos
regioninėje mažmeninėje bankininkystėje.
Krislina LEVIŠAUSKAITĖ - Doctor of social sciences, associate professor, head o f the Department o f Finances,
the Faculty of Economics and Management, Vytautas Magnus University. Address: S. Daukanto St. 28, Kaunas 3000,
Lithuania. Phone: + 370 37 323642. Fax: +370 37 323208. E-mail: [email protected].
Dalia KAUPELYTĖ - Head of the Human Resource Department of the Central Credit Union in Lithuania, training
manager at the Lithuanian Credit Union Association. Address: K. Donelaičio St. 2-316, Kaunas, Lithuania. Phone:
+370 37 209637. Fax: +370 37 200454. E-mail: [email protected]
114
Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
ones capacities and the segmentation of mar­
kets at the same time, instead of providing
universal banking services.
These processes have direct impact on
Lithuanian banking sector, forcing to seek for
the efficiency of activities, to implement new
financial services and to develop the tradi­
tional ones. Considering large competitive­
ness, which stimulates consolidation, several
market players will dominate in the Lithuanian
banking system in the future. This will cause
the increase in systematic risk. At the present
moment commercial banks are dominating in
Lithuanian banking system. They arc orien­
tated to large business customers. By the same
time retail banking has not been developing
in all the segments. After the entrance of for­
eign capital into the Lithuanian banking sec­
tor, we have been witnessing the processes,
when banks arc narrowing their service net­
work, leaving individuals, who live in rural
areas and small towns, without any financial
services. After the privatization of Lithuanians
Savings Bank (Hansa-LTB), by a decision of
new shareholders, more than 200 branches
and customers service centers in different
Lithuanian regions were closed during the
year 2001. This tendency is being observed in
the year 2002 - 2003. The same strategy of
closing branches in the regions as non-profit
and the one that negatively influences total
results of the whole bank will be forecasted
for the Lithuanian Agricultural Bank(LŽŪB),
after it has been privatized. These changes in
the whole retail banks service network has
caused problems for individuals living in the
regions to use financial services and the fore­
casted tendencies of branch closing will be­
come even a more important issue in the near­
est future.
When banks close their branches, not only
people are facing fewer possibilities to make
use of financial services, but also the threat for
the stability of the total financial system in the
country arises. People are not encouraged to
save, at the same time, the financial system
looses the possibility to accumulate the sur­
plus funds in the regions, that could be further
used for the development of the same regions.
One of the main features of the efficient finan­
cial system is that funds are accumulated from
each segment of the financial market. In this
case the tendency of excluding the segment of
the retail market in regions could have nega­
tive influence on the whole financial system.
With the withdrawal of Lithuanian post
offices, which now serve as a place for the
collection of public utility taxes, the rural
areas would be left without the possibility to
use any of financial services.
How the problems of retail banking in
regions of Lithuania could be solved having
the situation described above? What kind of
institutions could replace commercial banks,
which are stepping aside, and to provide nec­
essary financial services for retail users? For
the answer to this question we should look for
other subjects involved in the financial inter­
mediary activities and to analyze their possi­
bilities to replace commercial banks in the
regional retail markets.
At the present moment in the Lithuanian
banking sector there are functioning not only
commercial banks, but also small coopera­
tive financial institutions-credit unions. They
serve for a closed group of people that have
common bond. Credit unions are orientated
towards a concrete segment of financial mar­
ket - usually to people with medium or low
than medium income, small and medium busi­
nesses. Universal banks are less interested in
this segment, as they are more orientated to­
wards the commercial sector.
T h e objective of this research paper is to
answer the question if credit unions, taking
into account their development level could
become equal competitors to commercial
banks and to play a role in the solution of the
retail banking problems of Lithuanian regions,
arising out of the impact of the concentration,
consolidation and formation of common mar­
kets, such as the European Union.
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
There are practically no scientific publi­
cations in the research papers of Lithuanian
or foreign authors, which would analyze this
problem. The problems of the credit unions'
development are discussed in the scientific
publications of foreign countries, which have
a well-developed credit union sector. Single
publications are written by the authors of
neighborhood countries. T. Mavrenko (2001)
analyses the problems and perspectives of the
credit unions' development in Latvia. The
role of credit unions in the retail banking is
being analyzed, but this research aims to re­
view comparative aspects of the regional de­
velopment of credit unions in Lithuania and
other countries, also to present comparative
aspects of the credit unions activities com­
pared to commercial banks in separate dis­
tricts of Lithuania.
Seeking for the main objective of the re­
search paper, such questions and investiga­
tions have been developed:
• The main features of credit unions, as
actors of the retail banking market;
• The main tendencies in the European
financial markets and their impact to the re­
tail banking market;
• The experience of credit unions systems
in other European countries focusing on the
main factors for the successful credit unions
development;
• The role of credit unions in providing
retail banking services in the regions of
Lithuania;
• Changes in retail banking market in
Lithuania and their impact on the expansion
of the credit union network.
Main features of credit unions'
activities in retail banking
In the banking sector, as in the other business
branches, there are two segments: retail and
wholesale market (Chizzolini, Ivaldi, 2000).
115
In the wholesale market, banks serve large
business customers, governmental institu­
tions. Banks, which provide services to this
sector, are distributing very wide range of
financial services -from initial public offer­
ings and intermediary in different financial
activities to operations between other finan­
cial institutions.
The participants of wholesale market are
also central banks, who serve other credit
institutions and, in some cases, the accounts
of state treasury, and universal banks, which
perform not only ordinary banking operations,
such as deposit taking and loan granting, but
also all the possible financial operations.
In the retail market, banks take deposits
and grant loans to households, private cus­
tomers and small and medium business enter­
prises. Participants of this market are private
commercial banks, which serve small and
medium businesses, providing cash manage­
ment, crediting, leasing services; savings
banks, which usually are owned by state insti­
tutions ormunicipalities and serve individual
persons and small and medium businesses;
cooperative banks and credit unions, which
act as cooperative financial institutions, tak­
ing deposits and granting loans to a distinct
group of people. Common bond of coopera­
tive banks usually is defined by living place,
of credit unions - by professional interests,
membership in one organization.
Trying to characterize credit unions, vari­
ous structural features are picked out. In au­
thors' opinion, the most precise characteris­
tics of credit unions are these:
• Activities of credit unions are based on
basic cooperation principles: credit unions
are non-profit institutions, they do not have
any external shareholders, members are own­
ers of institution, each of them has one vote.
• Governing bodies, which form politics
of a credit union, are elected from credit
union members, in new and small credit
unions they are not paid for their work. In the
116
Krislina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
annual general meetings members Elect
Board, Loan Committee and Board of Su­
pervisors.
• Membership in credit unions is based on
common bond. Every credit union member
has to buy a share and become a member of a
credit union. Belonging to the same commu­
nity decreases the loan risk, as possibility,
that the loan will not be repaid. Historically
there are two types of communities: that is the
community, which is formed by people work­
ing in the same company and community,
which is formed by belonging to a certain
group of society - teachers, small employers,
etc. For these reasons, credit unions may be
very wide spread of very concentrated geo­
graphically (Reinhardt, 1999).
In some countries term credit unions is
replaced by such concepts as cooperative fi­
nancial institutions, cooperative banks, mu­
tual-help and microlending
organizations.
The term of cooperative banks is most com­
mon in Europe. From credit unions these co­
operative banks differ in this way, that their
membership is based on belonging to one ter­
ritorial unit.
Changes in European retail financial
services' sector
Financial institutions arc especially sensitive
to even small changes in their environment.
For example, the increase in interest rate fluc­
tuations can make markets for totally new risk
management products, at the same time the
demand for such products can disappear right
away. The performance of financial institu­
tions is also influenced by such factors as
legal base, tax base, transfer costs, informa­
tion technologies, also strategies of separate
business institutions activities in financial
sector (Chizzolini, Ivaldi, 2000). These fac­
tors should be very well evaluated when build­
ing strategies of financial institutions.
Introduction of Euro was one of the most
important factors, influencing world finan­
cial institutions, this is the reason why intro­
duction of Euro and formation of single Euro
financial market should be carefully evalu­
ated in the strategies of separate financial
institutions. Except introduction of Euro, in
the strategies of financial institutions, the
impact of reforms that will be made while
forming single European financial market to
separate financial institutions should be evalu­
ated (Walter, Smith, 2000).
The strategies of financial institutions also
depend on the sector, in which they perform.
The processes of Eurointegration have differ­
ent impact on wholesale and retail financial
sectors. It could be explained by different
size and structure of these sectors.
In the financial intermediary among the
countries, which form Euro zone, commer­
cial banks, insurance companies and saving
institutions are dominating, together taking
about 85 per cent of the total assets of finan­
cial system. This is very high percentage in
comparison with only 40 per cent in USA
(Walter, Smith, 2000). If economical tenden­
cies will be similar in both regions, one can
expect great decrease in the influence of clas­
sical financial intermediary institutions in
coming years. Banks will have to create strat­
egies to compete in management of invest­
ment funds, management of pension fund,
management of assets of capital markets, as­
sets securitization and bonds transfer systems,
etc. Insurance companies and saving institu­
tions will face the same changes.
I. Walter ir R. C. Smith (2000) define two
main tendencies in European retail financial
services sector:
• Authors predict, that market of retail
financial services in Euro zone will change
gradually, because of great differences in
customers demand and historical domination
of certain financial institutions, such as sav­
ings banks, mortgage banks, cooperative
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
banks and post savings banks, also because of
high differences in insurance market.
• New products and retail distribution
channels will appear in existing structures.
As example, bank insurance can be mentioned.
These services gradually will make financial
services market more open for competition
between national and international financial
institutions.
Potential changes because of introduction
of Euro in segments of Euro zone financial
services industry are orientated towards large
capacities and decrease in inefficiency. Large
amounts of working capital and too large
number of people developing and distribut­
ing financial products are characteristic fea­
tures of process of financial service creation
and provision in Europe. The same processes
were noticed in USA earlier. It could take
time, especially in European retail banking
sector, in which crucial role is played by co­
operative institutions and institutions con­
nected to governmental structures to finish
the restructurization processes as these insti­
tutions do not obey the rules of shareholders
value. After this reconstruction, new balance
in financial services market will settle.
The structure of retail banking and ways to
provide services through financial institutions
has different characteristics in different coun­
tries. As Lithuania is integrating in to the Eu­
ropean Union, certain development models and
examples of successful activities are looked up
in the countries, which joined European Union
some years ago. More often in the reasoning of
scientists, politicians, the directions of the de­
velopment of Lithuania are compared with the
experience of Ireland. From the other side, we
also have to evaluate experience of those coun­
tries, which arc invited to join the European
Union together with Lithuania. These coun­
tries are in the process of formation of their
financial sector, and this process has not fin­
ished. We could predict that with fulfillment of
these markets with financial services, the
growth rates should decrease.
Role of credit unions in retail
banking: comparative aspects
of Lithuania and selected European
countries
After Law on Credit Unions was passed in
1995, first credit union in Lithuania was
founded in the end of the same year.
First credit unions in Poland were founded
in 1992. Their activities were regulated by
the Law on Trade Unions, Government reso­
lution "On employees savings and loans asso­
ciations and cooperative savings and credit
unions in factories" and Law on Cooperatives
in Poland. On the 14'" of December, 1995
separate law on Cooperative Savings and
Credit Unions was passed. (Evans, Richard­
son, 1999).
First credit unions in Ireland were founded
in 1958. Credit unions in Ireland in their
activities look after basic principles that are
set by Irish Credit Unions League. All credit
unions in Ireland are registered in the Regis­
trar of Friendly Societies in Ireland. (Irish
League..., 2001)
Peculiarities of the credit unions'
development in Ireland
One of the basic characteristics of credit
unions in Ireland is a very high their penetra­
tion level. There were 554 credit unions in
Ireland in 2001, not taking into account sepa­
rate branches of credit unions. Total member­
ship in credit unions reached more than 2
billion members. By total membership in
credit unions per one thousand inhabitants
Ireland takes one of the leading places in
Europe. There are 554 credit unions members
per one 1000 of citizens, that is every second
inhabitant in Ireland is a member of a credit
union. Total deposit in credit unions reached
3 milliard pounds (4,71 milliard Euro) in 2001,
over 800 thousands loans for total amount of
2 milliard pounds (3,14 milliard Euro) were
117
118
Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
granted to credit unions members. ЛИ these
numbers show that credit unions play an im­
portant role in retail banking market in Ire­
land (Irish League..., 2001)
Economy in Ireland has grown very fast
during last five years - much faster than the
average growth indicators in European Union.
Credit unions were able to develop their ac­
tivities under these favorable conditions. New
possibilities to expand credit unions activi­
ties appeared as banks in Ireland closed their
branches in regions due to unprofitable ac­
tivities. These are the results of processes of
concentration, increase in efficiency and in­
crease in market value in banking sector in
Ireland.
Therefore credit unions in Ireland could
keep in line with their strategic goals - to
provide necessary financial services to their
members. In this way, credit unions in Ire­
land in spite of closing their branches (as
banks do), are increasing the number of
branches. Also there arc new credit unions
opening in the regions: total number of credit
unions increased by 4,5 per cent (from 532
credit unions in year 1996 up to 554 credit
unions in 2001). Branches of credit unions
arc not closed, even if they are not profit­
able. As banks close their branches (during
the last three year total number of banks
branches in Ireland decreased by 7,8 per cent
from 634 branches in 1998 down to 584
branches in 2001), the role of credit unions
in the regions increases. In this way credit
unions contribute to stimulation of regional
development (Irish League..., 2001).
On of the characteristics of credit unions
in Ireland is that credit unions provide their
services to lower income social classes (Fig­
ure 1), that in the banking system are con­
cerned to be unprofitable or risky. Out of 5
social groups in Ireland, 70 per cent of credit
unions members belong to the 3 lowest classes.
Only very small part of credit unions mem­
bers belong to the upper and the highest so­
cial class - correspondingly 14 per cent and 3
percent. Among inhabitants, that are provide
financial services by banks, 7 per cent of bank
clients belong to the highest social class, 32
and 33 per cent belong to upper and middle
social class and only small part (20 per cent
and 8 per cent) of clients belong to the lower
and the lowest social class of inhabitants.
The largest problem for credit unions in
Ireland will be their ability to adjust to new
National payment strategy that was prepared
by Government of Ireland and has to be imple­
mented by 2005. According to this payment
strategy, all social payment by Government
will be transferred via electronic payment
cards directly to the accounts of inhabitants.
Credit unions serve large sector of low-in­
come inhabitants that will bc influences by
the new strategy. This is the reason why credit
unions arc to be prepared to implement elec­
tronic payment cards.
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
The success of credit unions in Ireland
proves that credit cooperatives may become
main economical alternative for commercial,
profit orientated financial institutions.
Main characteristics of credit unions
activities in Poland
Credit unions in Poland banking sector dis­
tinguishes with high growth rates starting from
1993 (Figure 2). These growth rates have sta­
bilized during last 7 years and now reach 30
per cents per year, but for example, loans
portfolio in 1995 grew by 2,25 times.
Number of credit unions was not growing
gradually. The number of new credit unions
decreased by large number in 1995. At the
1993
1994
—•—Annual
—•-Annual
—X—Annual
—*—Annual
—Ж— Annual
1995
growth
growth
growth
growth
growth
119
same time growth in credit unions assets, de­
posits and loans was very high. Beginning
with 1995, credit unions growth rates were
increasing continuously. In later period (19962000) number of new credit unions increased
proportionally to growth in credit unions as­
sets, deposits, loans and members. In 2000,
increase in number of credit unions was about
the same as increase in credit unions assets. It
could be the start of new tendency, which
shows that credit unions are becoming smaller,
from the other hand, credit unions in Poland
are increasing their retail banking market share
by expanding their customer service network.
(Central Credit Union in Poland..., 2001)
Credit unions in Poland can provide ser­
vices to theirmembers, who can be individual
persons, working in one company, also per-
1996
1997
1998
1999
2000
in membership, per cent
in numebr of credit unions and their branches, per cent
in deposits, per cent
in a s s e t s , per cent
in loans, per cent
Fig. 2. Growth of credit unions' sector in Poland by members, number of credit unions, assets,
deposits and loans during 1993 - 2000
(Source: Central Credit union in Poland, 2001)
Table 1
Comparative indicators of credit unions in Lithuania and Poland, for the 31" of December, 2001
Number of credit unions
Members
Assets, in thousands, LTL
Share capital, in thousands, LTL
Members deposits, in thousands LTL
Loans, in thousands, LTL
Lithuania
41
10758
33838
4013
20676
21064
Source: Statistical data of Lithuanian Central Hank and Central Credit Union in Pniami
Poland
560
394449
1205357
1000227
870085
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Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
sons, who have one common social, religious
or professional bond. Foundation of most
credit unions in Poland is based on common
bond, which is defined by working in the same
company; in the secondplace are credit unions,
which were founded on the parish basis. Credit
unions accept deposits from their members,
grant loans, make money transfers, are acting
as intermediaries subscribing insurance con­
tracts, sell products of pension funds to their
members. Credit unions can grant loans to
max. term of three years, mortgage loans - up
to five years term. (Nowak, 2001). Compara­
tive indicators of credit unions in Poland in
comparison with the indicators of credit unions
in Lithuania are presented in Table 1.
Basic characteristics of credit unions'
activities in Lithuania
As indicators in Table 1 show, at the end of
2001 there were 41 credit union in Lithuania,
which had 10758 members and 33,83 billion
Litas in assets. These are high indicators con­
sidering, that the foundation of first credit
unions was difficult - Lithuania banking sys­
tem suffered from banking crisis, people had
little trust in financial institutions. At the same
time very high requirements were applied to
credit unions-minimal membership share was
300 Litas, membership growth potential was
very limited, members deposits in credit unions
were not insured in a state insurance company.
During first five years (up till the end of
1999) there were 33 credit unions founded in
Lithuania. They united more 4314 members
and 10billion Litas in assets. W i t h t h e a i m o f
promoting further development of credit
unions and ensuring the creditability of the
credit union system, the Seimas of the Repub­
lic of Lithuania adopted the new version of
Law on Credit Unions also completely new
law on the Central Credit Union in May 2000.
Starting from year 2001, deposits in credit
unions are ensured in state Deposits and In­
vestments Insurance Company. (Association
of Lithuania..., 2003).
The establishment of the Central Credit
Union not only improves settlements effected
by credit unions but also creates precondi­
tions for the widening of the range and scope
of operations performed by credit unions, and
increases the public confidence in their ac­
tivities. Lithuanian Central Credit Union is
managing credit unions Liquidity and Stabili­
zation funds to ensure financial stability of
the system (Law on Lithuanian Central...,
2000). New laws, passed on May, 2000 cre­
ated completely new preconditions for credit
unions development. 2002 was one of the most
successful years for Lithuanian credit unions
m o v e m e n t - 13 new credit unions were estab­
lished which was the highest number from the
start of credit unions. Lithuanian Central
Credit union was issued a license for the op­
eration. Total membership grew over 100 %
reaching nearly 21 thousand members, assets
increased by 2,1 times to Euro 20,3 billion
and on 1 January 2003 made up 0,41 per cent
of total assets in the banking system. Granted
loans increased by 2,2 times reaching Euro
12,29 million, and made up 65 per cent of
total assets. Total deposits increased 2,1 times
to Euro 16,37 million, of which the largest
share (89 per cent) were deposits of members
(Association Lithuania..., 2003).
Comparative aspects of credit unions'
activities in Lithuania, Poland and
Ireland
In order to compare credit unions of different
countries were the conditions for activities
and foundations arc completely different, we
must choose certain criteria for comparison.
We tried to compare credit unions in Lithuania
and Poland by dividing their activities into
two periods - start of activities and the sec­
ond period. Fortheslartof activities wechose
period of five years, for the next p h a s e - s e c -
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
ond five years period. Lithuanian credit unions
are only about to start their second period of
activities, that is the reason why experience
of credit unions in Poland is interesting, in
making forecasts about the development pos­
sibilities of Lithuanian credit unions network.
As the analysis shows in Table 2, growth
rates of credit unions in Lithuania and Poland
were very high in first years of activities.
Assets of credit unions in Poland grew by 240
121
percent, 217 per cent, assets of Lithuanian
credit u n i o n s - b y 1651 percent, 174 per cent.
Growth rate of assets and membership of
Lithuanian credit unions was decreasing dur­
ing the first four years. In later stage, starting
from the 5 year, growth rates of Lithuanian
credit unions started to increase every year.
These changes were caused by changes in
regulatory environment, also by increasing
trust in credit unions activities.
th
Table 2
Comparative analysis of credit unions growth rates in Lithuania and Poland
Credit unions in Lithuania
Credit unions in Poland
Growth in
membership, %
Growth in
total assets, %
Growth in
membership, %
Growth in
total assets, %
1" period
1 -si year of activities
2-nd year of activities
3-rd year of activities
4-th year o f activities
5-th year of activities
50,
116,
84,
61,
40,
84
544
50
92
62
240,90
217,25
194,24
117,80
67,82
n.a.
n.a.
n.a.
37,74
42,83
1651,47
174,22
131,38
35,38
49,48
74,58
-
121,25
2"* period
6-th year of activities
7-th year of activities
8-th year of activities
9-th year of activities
10-th year of activities
33, 37
18, 14
29, 03
33, 11
33,58
60,32
49,52
35,87
46,10
39,91
-
-
Source: Association o f Lithuanian Credit Unions; Central Credit Union in Poland
Table 3
Comparative analysis of credit unions' indicators in Ireland, Poland and Lithuania
for the 31" of December, 2001
Ireland (year 1999 )
Relative
indicators
per 1000
Members / 1 000 inhabitants
Assets, LTL /1 000 inhabitants
Total amount of members deposits, LTL / 1000 inhabitants
Total amount of loans, LTL / 1 000 inhabitants
Relative
indicators
per I member of credit
Assets, LTL /per 1 member
Total amount of loans, LTL / per 1 member
Total amount of deposits, LTL / 1 member
General
Lithuania
Poland
552
3963261
3369832
2496274
0,003
9,7
5,90
6,00
0,01
31,2
25,89
22,50
7173
6099
4517
3,145
1,922
1,958
3,056
2,206
2,536
3873
6,5
262
0,22
704
4,30
inhabitants:
unions:
indicators:
Average membership in a credit unions
Market share (comparing by assets), %
Source: Lithuanian Central Hank, Association o f Credit Unions in Poland, Association o f European Cooperative Hanks, Depart­
ment of Statistics in Lithuania
122
Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
Growth rates of credit unions in Poland
decreased over 10 years till the decrease stop
on the limit of 30 per cent. It would be quite
difficult to make projections about develop­
ment of Lithuanian credit unions, which would
be based on the experience of credit unions in
Poland. We can make predictions, that in­
creasing growth rates of Lithuanian credit
unions should stop in some 2 years period,
and then the decrease in acceleration rates
should be noticed. Lithuanian credit unions
should stop on the limit between growth rate
of 30-40 per cent in 5-7 years period.
After comparative analysis of growth rates
of credit unions in Lithuania and Poland, we
analyzed outreach development indicators of
credit unions Ireland, Poland and Lithuania.
After comparative analysis of indicators
of credit unions in Ireland, Poland and
Lithuania (Table 3), we see that credit unions
in Ireland, which operate for more than 45
years are very wide spread in their country.
552 inhabitants out of 1000 in Ireland are
members of a credit union. That is every sec­
ond inhabitant in Ireland is either member or
client of credit unions in Ireland. About 4
billion Litas in assets fall to 1000 inhabitants
in Ireland, by the same time this indicator
does not make more than 40 Litas in Lithuania
and Poland.
Making comparison of relative indicators
per 1 credit unions member, we see, that credit
unions in Poland and Lithuania are only three
times smaller in total amount of assets, loans
and deposits in comparison with credit unions
in Ireland. That is very important remark. Credit
unions in Ireland have very high in outreach
indicators, but average indicators per 1 mem­
ber are about the same as in Lithuania.
In comparison of market share, Lithuanian
credit unions have a very small part (only
0,22 per cent). Credit unions in Poland, hav­
ing 4,3 per cent market share have only 2 per
cent in difference from credit unions in Ire­
land, which take 6,5 per cent of the total mar­
ket.
After comparative analysis we see, that
credit unions in Lithuania and in Poland (in
comparing relative indicators per 1 member)
are quite well developed, even in comparison
to credit unions in Ireland. But credit unions
of Poland and Lithuania have a very small
penetration level - because of reason, abso­
lute outreach development indicators are
small, in comparison with indicators of credit
unions in Ireland.
As the results of the research show, credit
unions in the countries integrating in Euro­
pean Union have a lot of opportunities to take
a larger market share. The precondition for
that - development of credit unions should b e
several times faster than that of the total bank­
ing system. This precondition is made taking
into concern the fact, that development level
of the total banking system is very low in the
countries, integrating in European union. In
Ireland, where banking system is very high
developed and is dominated by several huge
universal banks, it appears difficult forcredit
unions (even if they have reached remarkable
results) it's difficult to take a larger part in
market share.
After overview of general credit unions
development tendencies in European coun­
tries, we made a research on regional credit
unions activities in Lithuania. The role of
credit unions in regions is especially impor­
tant, while analyzing the impact of credit
unions and in predicting future perspectives.
Study ot credit unions' activities in
different regions of Lithuania
Restructuring processes in Lithuanian bank­
ing sector have positively influenced activi­
ties of Lithuanian credit unions so far. At the
end of 2000, when Hansa-LTB close more
than 200 bank branches, credit unions started
to fill in the new niche in the market. On 3 1
of December, 2002 11 new credit unions
started their activities in the place of former
st
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
Hansa-LTB branches. 11 more credit unions
opened 24 their own branches in the places of
former branches of H a n s a - L T B (this makes
17,5 per cent of total number of all closed
branches). This process is about to continue.
While banks do not provide complete in­
formation about their activities in regions,
there were not enough data to calculate mar­
ket share of credit unions in separate regions.
According to the data of 3 1 , March 2002
there were 156 bank branches and 42 credit
unions in Lithuania (Table 4). The highest
ratio of credit unions to banks branches was
in Marijampolė district (there was one credit
union per 2 bank branches) and Tauragė and
Telšiai districts (1 credit unions per 2,25 bank
branches), the lowest one - in Klaipėda (1
credit union per 21 banks branch).
sl
There is no direct relationship between
banks and credit unions density in the region,
more likely, density of banks and credit unions
is similar. The highest density of b a n k s '
branches is found in Utena district. There is
only one credit union operating and density of
credit unions in the region is very low. The
lowest density of banks' branches is in Vilnius
district. This district also has a small credit
union density. The highest density of credit
unions is found in Tauragė district. This dis­
trict also has very small density of credit
unions.
123
In our opinion, not only number of credit
unions, but also financial funds attracted, fi­
nancial services provided is important when
evaluating role of credit unions in retail bank­
ing. Wc tried to analyze, what is the penetra­
tion of credit unions membership in regions,
how many Litas in assets are there per one
inhabitant in the district. Comparative results
are disposed in the Table 5.
In average there are 3,52 credit unions
members per 1000 district inhabitants, 0,937
billion Litas in assets per one credit union,
and 10,49 Litas credit unions assets per one
district inhabitant in Lithuania. Average mem­
bership in a district was 338 members.
The smallest relative credit unions devel­
opment rations are found in Utena district: 7
members are per 1000 district inhabitants,
1,38 Litas in assets per one district inhabitant,
0,36 billion Litas in assets and 124 members.
The reason for such poor rations is that there
is only one credit union in Utena district — in
Anykščiai, which was founded in the begin­
ning of 2001. There is a big niche for the
development of credit unions in this region.
Klaipėda district is in first place by the
assets per one credit union and by number of
credit union members per one credit union. In
this district one credit union manages 3,16
million Litas in assets and has 1101 members.
Table 4
Number ot banks' branches and credit unions in different districts of Lithuania, March 30, 2002
Banks branches
Credit unions
Alylus district
Kaunas district
Klaipeda district
Marijampolė district
Panevėžys district
Šiauliai district
Tauragė district
Tcläiai district
Utena district
Vilnius district
12
22
21
8
17
18
9
9
14
26
2
9
1
4
5
5
4
4
1
4
Total:
156
42
Source: Lithuanian Central Dank, Association Lithuanian Credit Unions
N u m b e r of inhabitants N u m b e r of inhabitants
per one bank branch
per one credit union
15675
31963
18428
23512
17753
20594
14944
20067
13293
32719
94050
78133
387000
47020
60360
74140
33625
45150
186100
212675
124
Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
Relative development ratios of credit unions' activities in districts of Lithuania, December 31, 2001
District
N u m b e r of credit union Assets per one credit
members per 1000
union, bn LTL
inhabitants in a district
Assets of credit unions N u m b e r of credit
per one district
unions members per
inhabitant, LTL
one credit union
Alytus district
Kaunas district
Klaipeda district
Marijampolė district
Panevėžys district
Šiauliai district
Tauragė district
Telšiai district
Utena district
Vilnius district
1.30
3.00
2.80
5.40
5.80
4.20
5.90
5.20
0.70
0.90
0.37
0.53
3.16
0.74
1.37
1.41
0.51
0.67
0.26
0.35
1.98
6.83
8.16
15.79
22.75
18.96
11.38
14.81
1.38
2.90
247
238
1101
152
349
309
266
234
124
107
Total:
3.00
0.80
9.20
260
Source: Department of Statistics of Lithuania, Association of Lithuanian Credit Unions
Table 6
T h e relationship between credit unions' activities indicators and macroeconomic indicators in districts of
Lithuania, December 31, 2001
Panevėžys district
Šiauliai district
Klaipėda district
Tauragė district
Marijampolė district
Telšiai district
Kaunas district
Alytus district
Vilnius district
Utcna district
Place by relative credit
unions development ratios
Place by G D P per capita
and unemployment rate
Place by banks branches
density in the region
1
2
3
4
5
6
7
8
9
10
5
8
2
10
9
6
3
7
1
4
4
7
5
2
8
6
9
3
10
1
Source: Department of Statistics of Lithuania, Association of Lithuanian Credit Unions
There is only one credit union in this district,
but it is very high developed. Though relative
credit union development ratios are high in
the district, there is also a big niche for credit
unions development, because there are no
other credit unions operating in the district.
Comparing credit unions in districts by
assets per one inhabitant, Panevėžys district
takes the first place. Here credit union assets
per one inhabitant have reached 22,75 Litas.
Tauragės district has the highest ratio of credit
union members per 1000 inhabitants.
Having done credit unions development
analysis in different districts in Lithuania, we
were trying to find out if the development
level of credit unions depends on macroeco­
nomic indicators in the district, such as GDP
per capita and unemployment rate, also on
number of banks branches in the region.
While making this research, tliepresumption was made that worse
macroeconomic
conditions, high unemployment level, lower
number of banks branches in the district
should cause higher needs for financial ser­
vices, provided by credit unions.
To prove or deny the presumption, w e :
1) Ranked all the credit unions in districts
by the relative development indicators, which
were discussed in previous c h a p t e r - b y num­
ber of credit union members per 1000 inhab-
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL D E V E L O P M E N T AND P E R S P E C T I V E S
itants, by assets per one credit union, by as­
sets per one district inhabitant and number of
credit unions members per one credit union.
By each of these indicators, districts were
ranked, ascribing meanings from 1 to 10. After
this ranking, all districts were given certain
places considering the highest development
ratios.
2) In the next phase of our study all dis­
tricts were ranked by GDP per capita. Each
district was given points from 1 to 10. The
lower GDP per capita, the lower place a dis­
trict takes in a rank. According to the specif­
ics of indicator of unemployment rate, all the
districts were given numbers between 1 and
2. If unemployment rate in a district is lower
than the average, the district was given 1 point,
of unemployment rate was higher - district
was given 2 points. After counting total sum
of points, all districts were ranked by their
development level.
The results of ranking are shown in Tabic 6.
Having ranked separate districts by rela­
tive credit unions development ratios, by
macrocconomic rations (GDP per capita and
unemployment rate) and density of banks
branches in the region, we sec, that there is no
straight relationship between chosen macroeconomic indicators and credit unions devel­
opment ratios. Though we cannot deny the
presumption, which was made at the begin­
ning of the research. We can affirm that in the
districts, which have lower GDP per capita
and higher unemployment rate, credit unions
are better developed. For example, Panevėžys
district takes 5 place by GDP per capita and
unemployment rate and first by credit unions
development ratios, Tauragė district takes 10"'
place by GDP per capita and unemployment
rate and 4"' by credit unions development ra­
tios. As an exemption, Klaipėda district could
be mentioned. It takes 2 place by GDP per
capita and unemployment rate but 3 by credit
unions development ratios. Though we should
evaluate the fact, that there is only one large
credit union in this district, which made great
125
impacts on such indicators as number of mem­
bers per one credit union or total assets per
one credit union.
As we see, districts, which take high places
by macroeconomic indicators as for example
Vilnius - first place by macroeconomic indi­
cators, Utenos - fourth place by macroeco­
nomic indicators, have mostly poor developed
credit unions - which take accordingly 9 and
10 places by relative development ratios.
We did not find any straight or reverse
relationship between density of banks
branches and development of credit unions.
Forexample, Utena district has highest banks
branches density and the lowest credit unions
development rations, Vilnius district has low­
est banks branches density and also low credit
union development rations. Those districts,
that have high credit unions development ra­
tios - Panevėžys and Šiauliai, take 4"' and 7
place by banks' density.
Our research proved that for some dis­
tricts, the lower macroeconomic indicators
are in the relationship with the better devel­
opment of credit unions sector. From the other
side we did not find any relationship between
the density of banks branches and the devel­
opment of credit union sector in the district.
,h
,h
lh
Changes in the network structure of
commercial banks' branches and
their influence on the development of
credit unions' activities in Lithuanian
regions
lh
n J
r J
For better understanding of the role that credit
unions play in different districts in Lithuania,
we should not only analyze present situation
and the relationship of credit unions develop­
ment. We investigated the causes of the pro­
cesses happening in the rural areas. One of
the objects of our investigation was to study
changes in the commercial banks networks
structure and their influence to development
of credit unions sector.
Kristina LEVIŠAUSKAITĖ, Dalia KAUPELYTĖ
126
Table 7
Changes in the Hansa - L T B branches' network structure in 1997 - 2002 and their influence on
the foundation of new credit unions and credit unions' branches
Hansa - LTB branches in towns and villages
1-10 thousands
inhabitans
Pasvalys district
Rokiškis district
Panevėžio district
Biržai district
Kupiškis district
Šiauliai district
Akmenės district
Joniškis district
Kelmė district
Pakruojis district
Radviliškis district
10-30 thousands
inhabitans
> 30 thousands
inhabitans
1997
2002
1997
2002
1997
8
6
5
5
10
3
5
4
4
6
7
I*
0
0
0
1*
0
0
0
0
1*
0
1
1
1
1
1
1
3
1
1
I
1
1
1
2
11
1
-
2002
3
1
-
New credit unions
or branches of
credit unions
.during 2002 01 01
- 2003 02
2
1
5
2
1
0
2
0
0
3
I
* indicates that the branch is situated in the center of the district
Source: Hansa - LTD, Association Lithuanian Credit Unions.
In order to find out how general banks
branches structure changed afterprivatization
of Hansa-LTB, we made a research of Hansa
- L T B branches network structure in different
periods in Lithuanian regions. We compared
number of banks' branches in towns and vil­
lages before privatization in 1997 and after
privatization in 2002. Randomly we chose 11
Lithuanian districts. The results of our study
are presented in Table 7.
Analyzing the results presented in Table 7,
we see that branches of Hansa-LTB were closed
in all towns and villages which have less than
10 000 inhabitants. Out of 11 districts, only in
3 districts banks branches were left in towns,
where there are less than 10 000 inhabitants,
though at the same time we have to mention,
that these towns are centers of the district.
The privatization of Hansa-LTB and clos­
ing of branches in the regions had a large
impact on credit unions expansion in Lithuania
in the year 2001 - 2002. The changes in the
whole structure of Hansa-LTB branches net­
work have heavily decreased the opportuni­
ties of inhabitants in those regions to use fi­
nancial services. This made a great demand
for credit unions services. Only in the period
from Г' of January 2002 till 28"' of February
2003 in the districts involved in our investi­
gation, 17 new credit unions or their branches
were established. A presumption could be
made that in the near future the demand for
financial services in the places where branches
of Hansa-LTB were closed could increase.
This situation opens new opportunities for
the development of credit unions.
Conclusions
The attempt to evaluate the nearest perspec­
tives of Lithuanian credit unions makes us
take into consideration the first three years
(till 2006), when Lithuania is supposed to
become a member of the European Union.
During this period the formation process of
the Lithuanian financial system should bc over.
This period for credit unions is especially
important, while during this period the main
players and their interest fields in the Lithu­
anian retail banking market will be identified.
The results of the research and the attempt
to evaluate the nearest perspectives of the
Lithuanian credit unions development in the
Eurointegration processes leads us to several
conclusions:
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
• Credit unions, as players of the European
retail banking markets are forced to review
their strategies according to the changing envi­
ronment. New products and retail distribution
channels appear in the financial sector. New
requirements are raised due to consolidation
and concentration processes that have already
started. Seeking for efficiency, commercial
banks close their branches all through the Eu­
r o p e - at the same time credit unions in Ireland,
Poland expand their network, acting according
to their philosophy - to provide necessary ser­
vices for their members and, as cooperative
institutions, keeping low profit margins.
• People, using financial services in vari­
ous regions in Lithuania were directly influ­
enced by the changes in national and interna­
tional financial markets. After privatization,
starting with 2 0 0 1 , the major retail bank
Hansa-LTB closed its branches in rural areas
leaving people living there with no access to
financial services.
• Afterthe closingof Hansa-LTB branches
there appeared a niche for Lithuanian credit
unions. The experience of the changes in the
credit union sector in 2002 shows that the
need for credit unions' services has grown
rapidly in the places of the former HansaLTB branches. In these areas new credit unions
were founded or old credit unions opened
their own branches. The expansion of the
credit unions' activities in the place of the
former Hansa-LTB branches should remain
the main strategic direction for the further
credit union development.
• The results of the research has showed
that after the closing of Hansa-LTB branches
most regions were left without primary finan­
cial services. People living in rural areas must
be provided with pensions, salaries, possi­
bilities to make payments for public utilities,
as well as to be able to save and receive cred­
its. Credit unions in Lithuania should be ready
to provide these services to the retail sector.
• The development of new financial ser­
vices that would comply with the changing
needs in the regions should be the other prior­
ity of the credit unions d e v e l o p m e n t in
Lithuanian regions. As economy in all the
districts of Lithuania will develop by the in­
fluence of integration to European Union, the
need for new financial services, such as new
credit forms, transfer payments will appear.
Credit unions should be ready to supply this
demand.
• Credit unions in Lithuania should ex­
pand their activities in retail banking working
not only with individual persons. Till 2003
credit unions were mostly dealing with indi­
vidual persons, because high requirements
were applied for legal entities, trying to be­
come the credit unions' members. Now most
of them are starting and developing their busi­
nesses in the districts. Credit unions should
be ready to provide financial services to small
legal entities in the regions, as it is very nec­
essary for them to have financial services close
to their business place.
• Integration to the European Union opens
new possibilities for farmers and entrepre­
neurs to receive funding from Structural funds
of the European Union. Credit unions could
be the institutions, which could provide small
businesses in districts with consultations on
the development of their investment projects
to receive funds. Today credit unions in
Lithuania are still too small to provide finan­
cial support for businesses themselves (aver­
age assets of a credit union aren't more than
2 billion Litas). As credit unions grow bigger,
they will be ready to finance large-scale in­
vestment projects.
• As Lithuania integrating to the European
Union and the whole structure of the economy
changes, credit unions have to implement new,
modern technologies in transfers of payments,
by introducing payment cards. The implemen­
tation of new technologies should become
easier as the Lithuanian Central Credit Union
started its activities at the end of 2002.
• As competition in the banking sector
gets stronger, credit unions should pay atten-
127
Kristina LEVIŠAUSKAITĖ, Dalia K A U P E L Y T Ė
128
tion to the risk management and creation of
information systems that would enable to rec­
ognize and manage risk. This would help to
ensure the stability and image of the whole
credit unions' system that is extremely im­
portant in the developing of retail banking
services.
• The analysis of the experience of other
European countries, such as Poland and Ire­
land leads to a prediction, that the rapid
growth of Lithuanian credit unions should
become slower and stabilize in a certain pe­
riod of time. We could predict, that in five
years, when Lithuanian credit unions will
enter their third stage of development, the
growth rate will remain in the level of 4 0 - 3 0
per cent.
• Having a broad customer service net­
work in Lithuanian regions, credit unions may
become vital financial institutions not only in
the retail market, but also in the whole finan­
cial system, as they provide savings and other
financial services to individual and legal sub­
jects in all the regions.
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The paper submitted: April 1, 2003
Prepared for publication: May 30, 2003
CREDIT UNIONS IN LITHUANIA, THEIR REGIONAL DEVELOPMENT AND PERSPECTIVES
Kristina LEVISAUSKAITĖ, Dalia KAUPELYTĖ
KREDITO UNIJŲ REGIONINĖ RAIDA IR PERSPEKTYVOS LIETUVOJE
Santrauka
XX. 9-10 dešimtmetyje finansų sektoriuje atsiradę po­
kyčiai, susiję su globalizacijos, konsolidacijos, techno­
loginių naujovių ir dereguliacijos procesais, tiesiogiai
įtakoja ir mažmeninės bankininkystės rinką. Lietuvos
mažmeninės bankininkystės rinkoje pastebimos ten­
dencijos, kad ateinant užsienio kapitalui, bankai siau­
rina aptarnavimo tinklą, palikdami provincijoje ir ma­
žesniuose miestuose gyvenančius žmones be finansinių
paslaugų. Bankams uždarant skyrius, ne tik apsunkina­
mos žmonių galimybės pasinaudoti finansinėmis pa­
slaugomis, bet taip pat ir keliama grėsmė visos finansų
sistemos stabilumui.
Esant tokiai situacijai Lietuvoje kaip gali būti spren­
džiamos mažmeninės bankininkystės problemos? At­
sakymo į šį klausimą reikėtų ieškoti kitų finansinio
tarpininkavimo veikla užsiimančių subjektų tarpe.
Šiuo metu be komercinių bankų Lietuvos bankinia­
me sektoriuje veikia smulkios kooperatinės institucijos
- kredito unijos. Jos orientuojasi į tam tikrą konkretų
rinkos segmentą - į vidutines arba žemesnes nei viduti­
nes pajamas turinčius žmones, smulkų ir vidutinį verslą.
Šio tiriamojo darbo tikslas - atsakyti į klausimą, ar
kredito unijos, įvertinant dabartinį sistemos išsivysty­
mo lygį, galėtų tapti lygiaverčiais komercinių bankų
konkurentais ir prisidėti prie mažmeninės bankinin­
kystės problemų sprendimų, atsiradusių dėl finansinės
rinkos koncentracijos ir konsolidacijos.
Sprendžiant šią problemą apžvelgiami kredito uni­
jų veiklos ypatumai mažmeninėje bankininkystėje. Šal­
tinių apžvalga rodo, kad kredito unijos yra kooperati­
nės finansinės institucijos, pagal vieningą kriterijų jun­
giančios tam tikros grupės žmones. Kredito unijos na­
riai kartu yra ir kredito unijos savininkai.
Pokyčių apžvalga Europos mažmeninių finansinių
paslaugų sektoriuje parodė, kad dauguma finansinių
institucijų, kurdamos ir numatydamos strategiją ateity­
je, turi atitinkamai įvertinti naujus reikalavimus rinkos
vertei, pelningumui, veiklos efektyvumui, kurie atsi­
randa dėl rinkų konsolidacijos ir koncentracijos. Prog­
nozuojama, kad dėl didelių vartotojų poreikių skirtumų
ir istorinio tam tikrų finansinių institucijų dominavimo
mažmeninės bankininkystės restruktūrizavimo proce­
sas rinkoje užtruks,. Šiems procesams mažiausiai jaut­
rios yra kooperatinės finansinės institucijos - koopera­
tiniai bankai ir kredito unijos - kurios nepaklūsta vertės
kūrimo taisyklėms.
Lietuvos ir kitų pasirinktų Europos šalių (Airijos
ir Lenkijos) atlikta palyginamoji kreditu unijų siste­
mų analizė parodė, kad Airijos kredito unijos dėl dide­
lės jų skvarbos ir išsiplėtimo atlieka didelį vaidmenį
Airijos mažmeninėje bankininkystėje. Čia pastebimas
didelis Airijos kredito unijų išsivystymo atotrūkis nuo
Lenkijos ir Lietuvos kredito unijų. Tačiau, lyginant
santykinius rodiklius, buvo gauti nelaukti rezultatai Lenkijos ir Lietuvos kredito unijų rodikliai, apskai­
čiuoti vienam nariui tik 2-3 kartus mažesni, nei Airi­
jos, be to Airijos kredito unijos užima santykinai ne­
didelę rinkos dalį (6,5 proc.). Remiantis šios analizės
rezultatais galima prognozuoti, kad kredito unijos Lie­
tuvoje ir Lenkijoje turi galimybių užimti didesnę rin­
kos dalį, jei kredito unijų vystymasis ir toliau išliks
kelis kartus spartesnis nei visos bankinės sistemos
vystymasis. Šia prielaidą sąlygoja nepakankamas šių
šalių visos bankinės sistemos išsivystymo lygis. Airi­
joje, kurioje bankinė sistema labai išsivysčiusi ir do­
minuoja keletas didelių universalių bankų, kredito uni­
joms, net ir pasiekus aukštą išsivystymo lygį, sunku
užimti didesnę rinkos dalį.
Darbe atliktas kredito unijų veiklos atskiruose Lie­
tuvos regionuose tyrimas parodė, kad kredito unijų san­
tykiniai skvarbos rodikliai nėra dideli. Tačiau, galima
įžvelgti atvirkštinę priklausomybę tarp regionų makro­
ekonominio išsivystymo lygio ir poreikio kredito unijų
finansinėms paslaugoms. Kredito unijoms palankios
sąlygos vystytis atsiranda tuose regionuose, kuriuose
yra blogesnė makroekonominė situacija, tačiau nėra
tiesioginės priklausomybės tarp bankų tankio regione
ir kredito unijų skaičiaus.
Tyrimas atskleidė, kad miestai ir miesteliai, ku­
riuose gyvena mažiau kaip 10 tūkst. gyventojų, priva­
tizavus bankus 2001 - 2 0 0 2 m. yra palikti be galimybių
pasinaudoti finansinėmis paslaugomis. Šią nišą bando
užimti kredito unijos, kurios, užsidariusių Lietuvos tau­
pomojo banko skyrių vietoje, steigia savo skyrius.
Per artimiausius trejus metus, kol Lietuva integ­
ruosis į Europos Sąjungą, kredito unijoms reikėtų plėsti
savo tinklą uždarytų Lietuvos Taupomojo banko (Han­
sa-LTB) skyrių vietoje, kurti naujas paslaugas, orien­
tuotas į regioninius poreikius, plėsti narystės spektrą
pritraukiant daugiau smulkių juridinių asmenų ir teikti
pilnavertes finansines konsultacijas mažmeninėje ban­
kinėje rinkoje. Platus aptarnavimo tinklas garantuos
lėšų surinkimą kaimo vietovėse, kredito unijos gali tap­
ti svarbios ne tik mažmeninėje bankininkystėje, bet ir
visoje šalies finansų sistemoje, užtikrindamos lėšų pri­
traukimą iš visų fizinių ir ūkio subjektų.
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