Creditcoop assets up 32% in 2006

Cooperative credit company CREDITCOOP (under the NBR’s supervision since September 2002) held assets worth 159.7 million euros, i.e. 0.3% of the total assets of commercial banks at the end of 2006. Over the last year, assets in the company’s portfolio increased by 32.4%, below the average growth of the bank market. The value of its assets would place CREDITCOOP 28th in the ranking of assets out of the 37 lending institutions, placing it above banks such as Emporiki, Libra or Mindbank. At the end of 2005, the company’s equity capitals amounted to 40.3 million euros and it posted a profit worth some 3.8 million euros. The network includes a central house and 124 credit cooperatives. Cooperatives offer various types of credits, usually lower in value than those that can be taken out from banks, and also attract deposits. The authorising, regulating and supervision of this type of institution are done by the NBR. So far, CREDITCOOP is the only authorised cooperative network, putting the total number of institutions operating on the bank market at 40, which are joined by a few thousand of non-banking institutions.