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The role of Trustfulness for the Success in Finances (Case Studies of Czech Credit Cooperatives)
[Role důvěryhodnosti pro finanční úspěch (Případová studie česká úvěrová družstva)]

Author

Listed:
  • Lidmila Němcová

Abstract

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.

Suggested Citation

  • Lidmila Němcová, 2007. "The role of Trustfulness for the Success in Finances (Case Studies of Czech Credit Cooperatives) [Role důvěryhodnosti pro finanční úspěch (Případová studie česká úvěrová družstva)]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2007(7), pages 304-311.
    • Handle: RePEc:prg:jnlaop:v:2007:y:2007:i:7:id:209:p:304-311
    DOI: 10.18267/j.aop.209
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