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Assessnig the Activities of Credit Unions in the Financial Market in Ukraine
Vinnychenko O. V., Matvienko S. S.

Vinnychenko, Olena V., and Matvienko, Snizhana S. (2021) “Assessnig the Activities of Credit Unions in the Financial Market in Ukraine.” Business Inform 11:369–375.
https://doi.org/10.32983/2222-4459-2021-11-369-375

Section: Finance, Money Circulation and Credit

UDC 336.732

Abstract:
The article is concerned with analyzing the current state of development of credit unions and carrying out assessment and structuring of the main reasons that hinder their further development. It is defined that today in the world the most common form of financial cooperatives are credit unions that provide loans to socially vulnerable segments of the population and provide financial support to small business entities, farms, which becomes especially relevant during the pandemic. Information on the volume of activities of credit unions in some countries of the world and in Europe is provided. It is noted that the activities of credit unions in Ukraine are at an unsatisfactory level, as a result of the crisis in credit unions, the quality of loan servicing began to deteriorate. Overdue arose not only for consumer loans, but also concerning the loans for business needs. The current situation is analyzed and the main stages of development of credit unions are allocated. On the basis of a comparative analysis of the activities of credit unions and banks, the main advantages and disadvantages in the work of credit unions are allocated. A structural view of the reasons that hinder the development of credit unions is proposed. A model is constructed that allows to propose a sequence of actions, structure existing causes and identify critical ones, namely, imperfection of legislative regulation, presence of institutional restrictions, economic and political instability. It is concluded that at the present stage of development of the system of credit unions in Ukraine, scientific substantiation and legislative regulation of this segment are necessary, taking into account domestic peculiarities and international experience. Credit unions, in turn, should implement the latest technologies and expand the range of services, which will allow to work for a wider audience.

Keywords: credit unions, consumer loans, loans for business needs, legislative regulation.

Fig.: 3. Tabl.: 6. Bibl.: 12.

Vinnychenko Olena V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Accounting and Business Security, Kharkiv National University of Civil Engineering and Architecture (40 Sumska Str., Kharkіv, 61000, Ukraine)
Email: [email protected]
Matvienko Snizhana S. – Student, Kharkiv National University of Civil Engineering and Architecture (40 Sumska Str., Kharkіv, 61000, Ukraine)
Email: [email protected]

List of references in article

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Drabovskyi, A. H. “Problemy ta perspektyvy rozvytku kredytnykh spilok v Ukraini“ [Problems and Prospects for the Development of Credit Unions in Ukraine]. Ekonomika ta derzhava. 2012. http://www.economy.in.ua/pdf/3_2012/8.pdf
Kostiuk, V. A., and Shafarchuk, L. S. “Tendentsii rozvytku kredytnykh spilok v Ukraini“ [Trends of Development of Credit Unions in Ukraine]. Hroshi, finansy i kredyt. 2018. http://www.market-infr.od.ua/journals/2018/25_2018_ukr/117.pdf
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Osadchyi, Ye. S. “Rozvytok mizhnarodnoi infrastruktury kredytnoi kooperatsii“ [Global Infrastructure of Credit Cooperation]. Ekonomika ta derzhava. 2017. http://www.economy.in.ua/pdf/4_2017/15.pdf
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“Ohliad nebankivskoho finansovoho sektora. Zhovten 2020 roku“ [Review of the Non-banking Financial Sector. October 2020]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/admin_uploads/article/Nonbanking_Sector_Review_2020-10.pdf?v=4
“Pidsumky diialnosti kredytnykh spilok za I pivrichchia 2020 roku ta nahliadovi dii za rezultatamy analizu zvitnosti podanoi do Natsionalnoho banku“ [Results of Credit Unions for the First Half of 2020 and Supervisory Actions Based on the Results of the Analysis of Reports Submitted to the National Bank]. https://bank.gov.ua/admin_uploads/article/КС%20аналіз%20II%20кв%20(3).pdf?v=4
Rudaia, M. I. “Osnovni zasady optymizatsii derzhavnoho rehuliuvannia diialnosti kredytnykh spilok“ [Basic Principles of Optimization of State Regulation of Credit Unions]. Zbirnyk naukovykh prats Natsionalnoho universytetu derzhavnoi podatkovoi sluzhby Ukrainy, no. 2 (2012): 205-215.
“Kredytna spilka. Pryntsyp roboty, perevahy i nedoliky“ [Credit Union. The Principle of Operation, Advantages and Disadvantages]. https://globalcredit.ua/uk/novosti/kreditnyy-soyuz-princip-raboty-preimuschestva-i-nedostatki
Vald, B. “Kredyt u banku chy v spiltsi? U NBU rozpovily, yak syohodni pratsiuiut kredytni spilky“ [Credit in the Bank or in the Union? The NBU Told How Credit Unions Work Today]. https://ucap.io/kredyt-u-banku-chy-v-spilczi-u-nbu-rozpovily-yak-praczyuvatymut-kredytni-spilky-pid-yih-naglyadom
Hats, O. A. “Problemy ta perspektyvy rozvytku kredytnykh spilok v Ukraini“ [Problems and Prospects for the Development of Credit Unions in Ukraine]. http://libfor.com/index.php?newsid=2605

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