The role of co-operative banks in the Latvian countryside
2002
Pucure, I. | Pelse, M. (Latvia Univ. of Agriculture, Jelgava (Latvia))
A co-operative bank is a voluntary union of private persons, whose goal is to provide mutual financial assistance. It accumulates deposits of its members and grants loans, setting mutually beneficial interest rates. At present the number of co-operative banks increases in Latvia and in the beginning of 2002 twenty-two co-operative banks were registered. Co-operative banks ply the most active role in the districts where another financial mediators have stopped their business and according to data, at present, around a half of all co-operative banks are located in the Cesis district. An increase in the number of the members of such co-operative banks is expected according to a forecast of increase in economic activities in the country. As the result, the amount of loans is going to grow up and co-operative banks will help to solve the financial problems of farmers and rural entrepreneurs.
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