Part I

Vlad PELIGRAD, The establishment and operation of the credit cooperative organizations
Together with the commercial and banking financing, the mutual financing represents a reality of every banking system. Although currently there is only one credit unions network operating in Romania, the credit union concept has a long tradition within the Romanian banking system.

The credit unions network composed of the credit union head office and the credit unions represents a group of credit institutions conducting banking activity at national level, with specific territorial limits at the level of each credit union.

Both the credit union head office and the credit unions are established and operate based on the general rules prescribed by Government Emergency Ordinance 99/2006 regarding the credit institutions. Nevertheless, due to their specific purpose, i.e. mainly the mutual support of the union  members, the law prescribes specific conditions regarding the organization and operation of the members of the credit unions network. Moreover, severe prudential conditions were adopted, in accordance with the international rules, namely the Basel II capital Accord.

Key-words: credit cooperative organization, credit union, head office, cautios surveillance credit institution, credit, working licence, member of the credit union
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