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Credit Unions in Lithuania

In: Credit Cooperative Institutions in European Countries

Author

Listed:
  • Jurgita Liutvinskiene

    (Lithuanian Central Credit Union)

  • Jurgita Meskauskaite-Cilliers

Abstract

Over 20 years since its beginnings in 1995, the movement of Lithuanian credit unions has grown into a large network of financial co-operatives. At the beginning of 2015, the Lithuanian credit unions had more than 149,800 members and accounted for a 2.5 % market share of the retail banking market. Lithuanian credit unions were created and developed in line with the model of a two-level Desjardins credit unions’ system of Quebec (Canada) but also have some unique characteristics as a result of the Lithuanian legal and business environment. Therefore, at the beginning of 2015 the majority of Lithuanian credit unions (63 out of 74) were united under the two-level co-operative system, which may be classified as a consensual network. As a result of a weak mutual integration of another 11 credit unions, they should be classified as an atomized network. The financial crisis of 2008 and its aftermath created new challenges to the further development of credit unions that are discussed in this paper.

Suggested Citation

  • Jurgita Liutvinskiene & Jurgita Meskauskaite-Cilliers, 2016. "Credit Unions in Lithuania," Contributions to Economics, in: Simeon Karafolas (ed.), Credit Cooperative Institutions in European Countries, pages 327-341, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-28784-3_18
    DOI: 10.1007/978-3-319-28784-3_18
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