ECONOMIC SECURITY OF CREDIT UNIONS IN UKRAINE
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Abstract
Abstract. The purpose of the article is to determine the content of economic security of credit unions and
threats that provoke a decrease in its level, as well as analysis of the current state of the COP in terms of ensuring
their economic security. The content of the concept of credit unions’ economic security as the protection of their
economic interests arising from the cooperative nature of such unions from threats that may prevent the efficient
use of all their resources to achieve the goal of creating — the fullest meeting of financial needs of the membersowners,
is investigated. External political, socio-economic, regulatory and legal, technical, informational and
other threats to the functioning of credit unions are highlighted. Emphasis is placed on the special importance
for ensuring their economic security of the institutional environment, which, at the same time, is capable of generating
regulatory and legal threats. The reasons why credit unions were the most vulnerable to quarantine
restrictions have been identified. The internal threats generated by the functioning of credit unions, on the
one hand, as organizations, and on the other hand — as financial intermediaries, are analyzed. The conclusion
is made that credit unions, which really adhere to the cooperative principles of organization and functioning,
have the potential for development.
It has been proven that credit unions, despite the serious problems of modern development, have already
become an integral part of the financial sector of Ukraine. Those of them who really adhere to the cooperative
principles of organization and functioning, have their own market niche and are able to restore development
potential. The economic security of credit unions is determined by the protection of their economic interests,
which consist in the fullest satisfaction of the financial needs of their member members. It is possible to guarantee
such a state to credit unions, first of all, by improving the legal framework of their activities, which should
comprehensively reflect the cooperative nature of these institutions.
Keywords: credit union, credit cooperative, economic security, threat, non-profit organization, regulation.
JEL Classification G21
Formulas: 0; fig.: 2; tabl.: 2; bibl.: 28.
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References
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