Assets of Ukrainian credit unions 18.6% down in 2010, says financial services markets watchdog

Kyiv, April 29 (Interfax-Ukraine) – The total assets of Ukrainian credit unions by the end of 2010 amounted to UAH 3.432 billion, which is 18.6% down on 2009, head of the State Commission for the Regulation of Financial Services Markets Vasyl Volha said at a press conference at Interfax-Ukraine on Friday.

At the same time, he noted that in 2010 there were positive dynamics in the basic indicators of credit unions, in particular, in the fourth quarter compared to the first quarter the rise in capital accumulation was 71.8%, or UAH 466.1 million, and the increase in the assets of credit unions was 14.7%, or UAH 440 million.

The total capital of credit unions at the end of 2010 amounted to UAH 1.117 billion, which is 45.9% up on 2009. The share of share capital was the largest and amounted to UAH 916.8 million.

Credit union members' deposits last year amounted to 49.2% of the pre-crisis level of 2008 and 65.7% of the 2009 level. Deposits per capita grew from UAH 24,100 as of December 31, 2008 to UAH 24,700 as of the end of 2010.

The total debt of 343,000 credit union members who have active contracts as of December 31, 2010, exceeded UAH 3.349 billion.

According to the commission, at the beginning of 2011 Ukraine had 730 registered credit unions.