Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union services are available only to its shareholders. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders.
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Credit union services are available only to its shareholders. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries.
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Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution.