Anna zalcewicz

04-Zalcewicz_Mise en page 1 12-09-05 09:44 Page61

The role of cooperative financial institutions in the global
financial market with the example of cooperative savings
and credit unions (spółdzielcze kasy oszczędnościowo-kredytowe)
and cooperative banks in Poland

Anna ZALCEWICZ1

Introduction2
The tradition of cooperative financial institutions in Poland goes back to the nineteenth
century, when the first so-called loan associations and savings banks were created wthin
the territory of Poland. Under the influence of the formation and evolution of modern
organizational and legal frameworks during the interwar period, credit cooperatives and
so-called municipal savings banks began to operate. However, their development was
interrupted by World War II, and after the war, by the change of regime to the socialist
system. The return to the market economy has allowed for the formation and functioning
of cooperative institutions under new a legal-economic formula.

Currently in Poland, there are two types of cooperative financial institutions: cooperative
banks (BS); and cooperative savings and credit unions (SKOK3). Both play an important
role in the Polish financial market, although their duties, the legal basis of their
functioning, and their organization, are not identical.

It is worth noting that Polish financial cooperatives – although regulated independently
by the Polish Legislator – have a common origin with other such institutions in different
countries of the world, emerging from nineteenth-century institutions created for self-
help in financial support (e.g. Schulze-Delitzsch’s cooperatives and Raiffeisen’s
cooperatives). Furthermore, today these organizations are a part of a global cooperative
trend, and the transnational experience and regulations have a heavily influenced the
shape, tasks performed, or the functionality of the cooperatives in Poland. Therefore,
seeing them through the domestic prism, they can be simultaneously considered as
examples of cooperatives in the global market. The indicator of global cooperative
activity is not only their transnational activity, but also the local domestic markets as a
whole, which constitutes a contemporary global financial market.

The Amazing Power of Cooperatives ...61...


Cooperative banks (BS)
The legal basis of activity and organization of the cooperative banking sector
Cooperative banks have been operating in Poland for more than a hundred years and
are the largest group of banks operating in the country.4 Currently, the essential
regulatory framework for their activities are determined in: The Banking Act of 29,
August 1997 (consolidated text: Dz.U. 2002 No. 72, item 665 as amended), The Act on
the Operations of Cooperative Banks, Their Affiliation, and Affiliating Banks of 7,
December 2000 (Dz.U. 2000 No. 119 item 1252 as amended) and The Cooperative Act
of 16, September 1982 (consolidated text: Dz.U. 2003 No. 188, item1848 as amended).
The cooperative banking sector in Poland is now organized into two tiers. BS operate on
a local level and are affiliated with the so-called affiliating banks, while affiliating banks
operate on a country-wide level as joint stock companies. Depending on the size of a
cooperative bank's own funds, affiliation is either obligatory or optional. The law states
that those BS whose own funds are less than EUR 5,000,000, must be affiliated with one
of the functioning affiliations. Since the introduction of the two-tier structure in 2000,
the number of affiliating banks, and thus the number of affiliations has fallen from twelve
to two in twelve years. Currently, Poland's largest affiliation of cooperative banks is the
BPS Group, for which the affiliating bank is Bank Polskiej Spółdzielczości S.A., that
groups together 366 BS – it also cooperates with the Cracow Cooperative Bank and the
Cooperative Bank in Oława. The second affiliation is Spółdzielcza Grupa Bankowa
whose affiliating bank SGB-Bank SA, and has more than 200 BS affiliated.
It should also be mentioned that, in accordance with the requirements of EU law in
Poland, BS in the form of European Cooperative Societies (SCE) function according to
the above-mentioned regulations along with the following provisions: Council Regulation
(EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society
(SCE) (OJ L 207, 18.8.2003, p. 1–24) and The European Cooperative Society Act of 22
July 2006 (Dz.U. 2006 No. 149 item 1077). However, none of the BS have been
transformed into a SCE yet, due to a number of reasons, including: complex and multi-
level rules governing the activities of such cooperatives, the possibility for banks’
activities in other forms (branch, cross-border activities) outside of Poland, and the
essentially local nature of the Polish BS (Zalcewicz, 2008: 22).

Significant changes in the cooperative banking sector in the period 1992-2012
Following the adoption of the Banking Act of 1989, legal regulations applicable to the
market economy were introduced in the Polish banking system. This diametrically
changed the situation of all banks, including BS. Moreover, between 1989 and 1992, a
number of other regulations – together with the new economic conditions – led to severe

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financial difficulties, which these institutions had to face (Zalcewicz, 2009: 46-47). In
1992, the situation of cooperative banks significantly deteriorated and intervention of
the State authority became necessary. A Restructuring Act5 was passed to enable the
development of BS. It was supposed to allow the establishment of an economically
strong, three-tier cooperative banking sector (i.e. BS, regional banks and the nationwide
bank). Moreover, BS were given considerable financial support from the state such as
restructuring bonds and tax exemption.
An important agent of change was also the fact that Poland had been aspiring to join
the European Union (EU) in that time. In connection with the requirements of EU law, it
became necessary to increase BS funds. This goal was reached gradually, for instance,
on 31, December 2001, BS had a minimum of their own funds to the equivalent of EUR
300,000, which went up to EUR 500.000 by 31, December 2005 and up to EUR
1,000,000 by 31, December 2007. In the years from 1995 to 2000 – in conjunction with
the changes taking place – the number of BS decreased from 1663 to 680 (Zalcewicz,
2009: 61), of which 88 were due to insolvency.
In 2000 a new Act6 reformed the structure of the whole sector in a manner more tailored
both to the requirements of EU law and the needs of the BS themselves. This has enabled
the current development of BS; however, within the first two years of the Act being in
force, the number of BS decreased from 680 in 2000 to 605 in 2002 – with one case due
to insolvency – because of the need to fulfill the capital requirements. As of March 2012,
there are currently 573 BS, of which 68 banks have as their own funds of more than EUR
5 million; and 4 BS did not meet the required level of minimum funds of EUR 1 million
due to the considerable weakening of the Polish zloty beginning in September 2011. While
analyzing changes in the cooperative banking sector, chance should not be overlooked
when attempting to answer the question of the further development of such institutions.
This decrease in the number of BS is noticeable, for instance, not one new cooperative
bank has taken up business during the last 20 years which I likely primarily attributed
to: the normative restriction that founders of a cooperative bank must be natural
persons, the strict requirements for a bank’s establishment, and the lack of any benefits
for a cooperative bank’s founders. Additionally, the influx of new memebers to a BS can
cause membership fund loses, this in turn changes the structure of a BS’ own funds.
Polish law has brought about decreased motivation for BS membership, because
members do not enjoy any privileges. Moreover, BS suffer from long-term financial
problems and some reluctance to this form of business because of a historical legacy
from the previous regime that deemed BS as a relic and a burden. The latter was a
consequence of a general belief – until the recent crisis revealed the weakness of large
financial institutions (Zaleska, 2011: 40) – that the existence of large banks provides
safety and is generally desirable.



However, thanks to the cooperators and Management Board of BS’ long-term
determination over the last four years, a change in the image of cooperative banks is
becoming more visible. Their favourable financial condition in times of global financial
crisis and their effort in creating strong links with the local community has resulted in
them being viewed as a stabilizer of the banking system; and nobody denies the necessity
of their existence. Instead, broader dispute is being taken over developing modern forms
of business and creating favorable legislation for them. Therefore, it seems that they are
a permanent element of the Polish banking system and their development will be based
on: increased cooperation with local government units, local communities, and local
businesses, but will not be associated with increasing the number of BS.

Cooperative bank as a local bank
A cooperative bank is cooperative, meaning that it connects profit and social activity in
its business. This is the result of decisions taken by a BS’ Board of Management, as Polish
law does not regulate any aspects of a BS’ pro-social activity.

BS are focused on being a local community’s bank. The reason for this is the territorial
restriction of their activity and the banks’ individual policies; whereas cooperative banks
pursue business nationwide, a single BS restricts its activity to municipal, district or
territorial sectors, and their branches are mainly located in villages or small towns. This
means that their main customers are small and medium enterprises, farmers, consumers
and local governments. BS are close to their customers and know them very well;
moreover, BS are the common property of many. These factors, together with a good
knowledge of local conditions, allow BS to adjust their offers to local needs, and
proximity to the bank’s head office allows for quick decisions in such cases as the credit
granting procedure. In addition, BS financially support various forms of community-based
initiatives, and taxes paid by a BS go to the municipal budget. This means that the BS are
seen as local and personal banks by the their community.

An important task undertaken by BS is also taking action to ensure access to banking
services for people experiencing financial exclusion. This is not only due to the location
of facilities in areas that are often beyond the interest of commercial banks, but also
due to attempts to target such groups of society, for example: offering accounts to
people with low and moderate incomes (Zalcewicz, 2012: 3; Żółtkowski, 2011: 63).
Research has shown that for ensuring financial integration, psychological factors such
as: an old-fashioned desire of interpersonal contact, the will to be served by someone,
a focus on one’s personal needs and the geographical proximity of BS are not without
importance (Lappeteläinen, 2010:18, 46).



Spółdzielcze kasy oszczędnościowo-kredytowe (SKOK)
The legal basis of SKOK activity and organization
of the cooperative savings and credit union’s sector
A SKOK is not a bank, but a kind of institution named in Polish doctrine as a “parabank”
(quasi-bank). It may be said that the SKOK system fulfills a complementary and
substitutive role for the banking sector in the financial market in Poland.

The development of cooperative savings and credit unions in Poland began in 1992 when
the first SKOK was organized as a labor credit union that developed later into a network
of SKOKs each based on work, social or another kind of connection among their
members. Their growth dynamics are significant; in the first year of the SKOKs’ activity
their branches numbered 13, meanwhile, as of September 2011 the number of SKOKs
and their branches stood at 892. Furthermore, SKOK membership has grown from 14,000
in 1992 to 2,284,000 by September 2011 – nearly 6% of the Polish population.

The legal framework for SKOK activity is included in the Cooperative Law of 16
September 1982, and Act of 14 December 1995 on cooperative savings and credit unions
(Act of 1995, Dz. U. 1996 No 1 item 2). A new act to replace the Act of 1995 – the Act
of 5 November 2009 on cooperative savings and credit unions – is currently under
legislative process (Act of 2009). This new Act, will regulate the activities of credit unions
and is likely to come into force at the end of 2012.

SKOKs are currently an institutionally closed type of cooperative, pursuing non-profit
business in the interests of their members. The cooperative savings and credit unions’
system has two tiers. SKOKs function at a lower, local level, and the National Cooperative
Savings and Credit Union (KSKOK7) as the central institution, operates at the higher tier.
KSKOK is a form of co-operative, too. However, its members are all SKOKs with obligatory
membership.

The KSKOK exercises supervision and stabilizing functions (Document of the World Bank,
2010:18-19). Among other activities, KSKOK maintains the Stabilization Fund created by
the contributions paid by all the SKOKs’ and KSKOK’s profit. Funds collected in this
manner can be used to assist SKOKs with financial problems and thus prevent potential
insolvency.

Significant changes in the operation of SKOK in the period 1992-2012
With the change of the political and economic system and recognizing the importance
of self-help institutions, steps were taken in the early 1990s to reestablish the Polish
pre-war system of financial savings institutions (Golec, 2004: 13; Komisja Nadzoru



Finansowego, 2008: 14). Initially, quasi-credit unions – then so called employee
assistance and loan funds – were established on a company basis due to the lack of a
relevant law for SKOK. 8 On the 14 December 1995, the Act on cooperative savings and
credit union was passed, which regulates the establishing and operation of SKOK to this
day. Pursuant to its provisions, some of the employee assistance and loan funds became
SKOK. At the end of 1996, one year later, SKOK with branches in Poland amounted to
168, with 138,000 SKOK members. The adoption of the Act on cooperative savings and
credit unions enabled a very dynamic development of SKOK, with 146 SKOK already
operating in the year 2000; and at the end of the year 2000, the number of SKOK with
branches in Poland amounted to 560 with 394,000 members. Initially created as small
entities, they have begun a process of enlargement in order to increase the diversification
of the sources of deposits and thus the SKOKs’ safety. There have been large SKOKs
established on the Polish market, which have a branch network throughout the country,
and which employ professionals in finance and offer a wide range of financial services
(Filipkowski, 2004: 25). However, small, single-branch SKOKs have also operated.
Further transformation of the sector caused the number of SKOK to decrease over the
following 10 years. This was a result of consolidation processes involving the taking
over of the smaller SKOKs by stronger entities. In 2010 the number of SKOKs was 59,
although the number of branches as compared to 2000 has increased, expanding to
1,851 entities with 2,177,000 members. Currently, in terms of the number of branches,
SKOKs have the largest network of customer services among all financial institutions
in Poland, offering banking services to the population. As of September 2011, 1,892
SKOKs had branches.

Rapid SKOK development has stimulated a discussion on the integration of the SKOK
system with the domestic banking system and the introduction of new regulations for
SKOKs. The necessity of preparing a new legal solution was a result of many other factors
as well. First, it is important to note that during its existence, the Act of 1995 was
amended many times, which resulted in a significant expansion of the territory and
banking services of SKOKs, and allowed the creation of large, strong SKOKs. In the
opinion of many authors and international institutions regarding the direction of changes
in the functioning of SKOKs, it has become desirable to extend supervision over the
financial market in Poland to SKOKs: namely, the Polish Financial Supervision Authority.
On the other hand, the literature notes that the volume of SKOK assets, perspectives of
SKOK development, and their similarity in both function and image to banks – especially
the cooperative banks – have become prerequisites to justify the need for a new
regulatory statute for their status and operations, with particular emphasis on the safety
of deposits (Szambelańczyk, 2009:2-3). Taking into account all of these postulates, new
legislation for SKOK establishment and operation was adopted in 2009.



Since the entry into force of the new legislation, the scope of supervision over SKOKs
will increase. This supervision will cover all phases of SKOK activity from the process of
their formation including the authorization procedure to establish a SKOK, until the end
of a SKOK’s activities. Moreover, the Act of 2009 introduces a new section dedicated to
the supervisory principles for SKOKs and the KSKOK. The new SKOK activities formula is
a bit less obvious, because the new Act does not stipulate expressis verbis that the SKOK
is a non-profit institution.

It is also worth mentioning that initially, the possibility had been considered to transform
SKOKs in cooperative banks. The original bill prepared in 2009 contained a proposal for
two models of transformation: obligatory and optional. The obligatory procedure applied
when a SKOK’s own funds exceed the equivalent of 10 million EURO; while the optional
applied when the SKOK’s own funds exceed 1 million EURO. As it turned out, however,
the legislator withdrew from these legal solutions.

The question could be asked about the further development of SKOKs. It is in no doubt
that in a large part, this will be based on increasing membership numbers. Since its
inception, the development of the SKOK has been continuous and very dynamic. This
has been achieved by expanding the range of SKOKs’ financial services. At present, it is
difficult to determine without ambiguity, their future progress due to new legal solutions
planned to be entered into force. However, it seems that the SKOKs have found a formula
that allows the combination of financial efficiency and a socially minded character,
allowing them to develop further.

SKOK as a financial cooperative
A SKOK is a cooperative which collects funds only from its members, providing them
with loans and credit, servicing payment services and acting as an agent in insurance
contracts. Therefore, the premise of SKOK activities is their members crediting each other
from funds collected by them in SKOK.

The members of a SKOK in Poland can only be individuals linked by professional or
organizational connections, particularly those employed in one or more companies,
or a person belonging to the same social or professional organization. Legal provisions
therefore create conditions for the acquisition of the status of membership by a
person with a very formal bond. The Legislator does not define the territorial scope
of this organization’s operation and it is possible to be a SKOK member even after the
termination of this bond. This solution has been upheld in the Act of 2009 and the
Act broadens the customer-members’ circle of NGOs, churches and religious
organizations, organizational units with legal personality, cooperatives, trade unions
and homeowner associations.



The law also governs the financial management of SKOKs, among other things, it
indicates that the funds that are not used for loans and SKOK members’ loans may be
invested with the utmost diligence:
I a) in bonds and other securities issued or guaranteed by the Treasury or the Polish
National Bank (Narodowy Bank Polski);
I b) as deposits, contributions or interest in the KSKOK;
I c) as deposits in banks up to the amount guaranteed by the Bank Guarantee Fund;
I d) in units of money market funds.

Therefore, the Legislator places restrictions on the disposal of capital accumulated by
the SKOK coming from its members.

Cooperative banks and SKOKs as cooperative institutions
of the Polish financial market
SKOKs and cooperative banks are cooperatives, which realize essential social and
economic functions on the Polish market.

Firstly, as socially minded institutions introduced to the market economy, an important
element is civic concern for individual members of society and their local communities.
This notion in itself, contributes to sustainable development. Their existence is an
expression of the implementation of the classical liberal idea of stressing the importance
of savings and access to capital as a key factor in the participation of all social classes
in the market economy. This is the common denominator of SKOK and BS activities,
although each of these institutions carries slightly different tasks, and products offered
by a SKOK may supplement a bank’s offer or compete with them (Galbarczyk, 2010: 355)
and vice versa. In the case of SKOKs, their different type of business aims at providing
financial services to the poorer population, meaning mainly very poor or low and middle
income individuals (Document of the World Bank, 2010:10-11), and prevents financial
exclusion, whereas BS contribute to increase the rate of banking services distribution to
the wider population in areas where no solely-for-profit banks target their interests due
to low profitability. This applies to both the territorial dimension, as well as to specific
social groups. It is worth noting that to a large extent, choosing to operate as a
cooperative, promotes social objectives in their business. This is not only the attitude of
the socially-minded character of such entities, but also the fact that – especially in the
case of BS – it is difficult to eliminate them by purchase from the market, therefore, BS
can function as community banks.

Secondly, these entities (SKOK, BS) have been important stabilizing features of the Polish
financial system. By analyzing SKOK and BS significance from the system’s point of view,



one can firstly refer to their participation in the financial market. According to the
data at the end of September 2011, the assets of cooperative banks amounted
to 74,908,433,719 PLN9 and SKOKs to 15,218,214,000 PLN,10 compared to
1,179,597,950,606 PLN in domestic commercial banks, including foreign branches.11 It
may seem insignificant (weighed according to the size of assets, it constitutes a total of
6%); however, the domestic origin of their capital (including equity) and the lack of
involvement in global markets makes them an important element in financial system
stabilization in times of crisis. Not only did they not require government support during
the latest crisis, but also generated a profit, while profit-oriented and globally-
operational banks have proved their social ineffectiveness, exposed public costs, and
lead to a crisis of confidence and faith in the market mechanism (Gostomski, 2009: 37).
It should be continued to be emphasized that the existence of financial cooperatives
affects the diversity of the sector and allows for greater diversification of systemic risk.
These are together a valuable contribution to the stability of the domestic financial
market, which indirectly also affects stability in the global market.

Analyzing business risk cannot be separated from the questions of DGS. In Poland, both
BS and SKOK are affected by the deposit insurance system. BS, like all domestic banks,
are subject to the obligation of belonging to the Bank Guarantee Fund, while SKOKs have
their own – separate from those of the banks – guarantee scheme for deposits (deposit
guarantee schemes for SKOK are the Mutual Insurance Company Fund, the Towarzystwo
Ubezpieczeń Wzajemnych SKOK and the TUW SKOK). Both systems are recognized by
the structure of the European Union (TUW SKOK like the Bank Guarantee Fund is a
member of EFDI – the European Forum of Deposit Insurers, an association of institutions
engaged in deposit guarantees in European countries). The Bank Guarantee Fund or TUW
SKOK insures SKOK or BS entrusted deposit up to EUR 100,000.

Conclusion
In this piece, I have focused on showing the current and potential role of cooperative
financial institutions in the global financial market through performing their tasks in
domestic, or even local markets, focusing on the case of Poland. Particular emphasis has
been placed on the great value the cooperative could bring to modern banking systems.
The cooperative is an institutional model in which profitability and efficiency is
reconciled with pro-social activities and a focus on social solidarity.

This analysis of existing solutions in Poland supports the conclusion that both the SKOK
and the BS are entities that are important to members of the public, even though their
development and organization is different. Based on the foregoing considerations, it may
be assumed that, firstly, financial cooperatives may be an important link in the



redistribution of funds in a socially and economically desirable way, thereby
contributing to the stability of the banking sector on a national and global scale on the
one hand, and promoting the integration of financial and local financing of economic
projects on the other. Secondly, these cooperatives are able to effectively combine the
principles of a social economy with the requirements of effective management of
financial resources, giving the global economy an appropriate focus on the needs of
individuals and communities. Thirdly, they have enormous potential and strength to
adapt to current social and economic needs, functioning in a variety of political and
economic conditions – as indicated by the Polish example – and the market
transformation of the past 20 years from a centrally planned economy to a free market;
so long as the legal conditions are created for the taking up and pursuit of such
activities.

The Polish experience, and those of Europe generally show that as small entities with a
limited operating range are particularly sensitive to the needs of local communities.
Furthermore, financial cooperatives linked to a larger network may act on an
international or global scale. The Polish example shows the incredible strength of
cooperatives and the need for their existence in economically developed markets.
Currently, cooperative financial institutions in Poland are seen as one of those that
achieved success and have found a formula for their functioning in today's financial
markets, becoming an important partner in financing projects of small and medium-
sized enterprises, local authorities and members of local communities.



Notes
1
Katedra Prawa Finansów Publicznych, Europejska Wyższa Szkoła Prawa i Administracji w Warszawie.
2
The diacritical marks of certain Polish words required the use of different fonts.
3
Credit Unions in Poland are also known as SKOKs by their Polish acronym.
4
According to data from the Komisja Nadzoru Finansowego (Polish Financial Supervision Authority)
on 1 March 2012, there were 573 cooperative banks and 47 organized in other organizational and
legal forms (although of these 48 banks, two are banks affiliating cooperative banks such as Bank
Polskiej Spółdzielczości S.A. and SGB-Bank S.A.
5
The Act of 24 June 1994 on the restructuring of cooperative banks and the Bank Gospodarki
Żywnościowej and the amendment of certain acts, Dz. U. 1994 No. 80, item. 369, as amended).
6
The Act on the Operations of Cooperative Banks, Their Affiliation, and Affiliating Banks of
7 December 2000.
7
Polish acronym.
8
The legal base for their establishment and functioning was: Cooperative Law of 16 September 1982
and Act of 8 November 1982 on Trade Unions (Dz. U. 1982 No. 32, item 216).
9
Based on monthly data at KNF 31.09.2011.
10
Based on data at KSKOK 31.09.2011.
11
Based on monthly data at KNF 31.09.2011.

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Summary
The last 20 years have been a particularly important period for the operation of cooperative financial
institutions in Poland. On the one hand, the new economic conditions meant that the number of
cooperative banks dropped from nearly 1,600 in 1989 to 573 (as of 01/03/2012); at the same time
however, they went from being entities in financial difficulty, into stabilizers in the Polish banking
market. On the other hand, creating the legal conditions for the development of credit unions meant
that there was a rapid growth in their number. For instance, the first, registered in 1992, currently
operates 59 different credit unions. Nevertheless, their activity contributes significantly to society;
the distribution of banking services being an important element in the fight against financial exclusion
among members of society. Considerations presented in this paper indicate that financial cooperatives
may be an important link in the redistribution of funds in an economically desirable manner,
contributing to the stability of the banking sector not only on a national scale, but also globally, as
well as promoting financial inclusion and the financing of local economic projects.

Resumen
Los últimos 20 años han sido un período particularmente importante para las instituciones financieras
cooperativas de Polonia. Por un lado, a raíz de la coyuntura económica, la cantidad de bancos
cooperativos bajó de aproximadamente 1600 en 1989 a 573 a comienzos de 2012; al mismo tiempo,
instituciones en apuros financieros pasaron a ser fuerzas estabilizadoras del mercado bancario polaco.
Por otro lado, una vez que se dieron las condiciones legales para el desarrollo de uniones crediticias,
la cantidad de éstas creció rápidamente (la primera se registró en 1992 y actualmente existen 59
uniones crediticias). Éstas realizan un aporte significativo al bienestar de la sociedad mediante sus
actividades, combatiendo la exclusión financiera al ofrecer servicios financieros a aquéllos que de
otra manera no podrían acceder a dichos servicios. Las consideraciones presentadas aquí indican que
las cooperativas financieras pueden desempeñar un papel importante en la redistribución de recursos
de manera social y económicamente deseable, contribuyendo así a la estabilidad del sector bancario,
no solo a nivel nacional, sino también a nivel mundial y al fomento de la inclusión financiera y al
financiamiento de proyectos económicos locales.

Résumé
Les 20 dernières années ont été particulièrement importantes pour les institutions financières
coopératives en Pologne. D’une part, la nouvelle conjoncture économique a suscité une réduction du
nombre de banques coopératives, qui est passé d’environ 1 600 en 1989 à 573 au début de 2012. En
même temps, d’institutions en difficulté, elles sont devenues des facteurs de stabilisation économique
dans le secteur polonais des services bancaires. Par contre, une fois la législation permettant
l’établissement de coopératives de crédit mise en place, celles-ci se sont rapidement multipliées (la
première a été enregistrée en 1992 et actuellement il existe 59 caisses différentes). Les coopératives
de crédit contribuent dans une mesure considérable au bien-être de la société, puisqu’elles combattent
l’exclusion financière en fournissant des services financiers à des gens qui, autrement, n’y auraient
peut-être pas accès. Les coopératives financières peuvent donc jouer un rôle important en permettant
une redistribution des ressources plus équitable sur le plan social et plus souhaitable sur le plan
économique, contribuant, de ce fait, à la stabilité du secteur bancaire à l’échelle nationale et mondiale,
à la promotion de l’inclusion financière et au financement de projets économiques locaux.


Anna zalcewicz

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