Acta Oeconomica Pragensia 2007, 15(7):304-311 | DOI: 10.18267/j.aop.209

The role of Trustfulness for the Success in Finances (Case Studies of Czech Credit Cooperatives)

Lidmila Němcová
Doc. Ing. Lidmila Němcová, CSc.; Vysoká škola cestovního ruchu, Praha (lidmila.nemcova@quick.cz).

In the history of the co-operative movement the credit co-operatives in Central Europe were among the most successful and highly respected institutions offering financial services in the most remote localities with a perfect know how of local conditions and also with a considerable social impact and moral influence. Their role was not only economic but also social and cultural one. Their network was in early 1950' replaced by State saving banks as part of the centrally planned economy system. After 1989 the renaissance of their network besides the existing banking institutions has been made possible by a new law. Unfortunately in the course of this renaissance new serious deformations occurred and co-operative ideas were misused for egoistic personal purposes. Extremely negative experiences with some credit co-operatives evoke suspicions and distrust of the population. An almost complete collapse of the system occurring since about 1999 had many reasons. Radical consequences for the existence of this sector are expected with the EU legislation process.

Keywords: Czech credit co-operatives history, renaissance of Czech credit co-operatives after 1989, collapsing reasons, Czech credit co-operatives expectations in the EU

Published: December 1, 2007  Show citation

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Němcová, L. (2007). The role of Trustfulness for the Success in Finances (Case Studies of Czech Credit Cooperatives). Acta Oeconomica Pragensia, 15(7), 304-311. doi: 10.18267/j.aop.209
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    References

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