The association principles got into Romania under the influence of the
western world. In Transylvania associations were founded ever since the 18th century,
following the model of the guilds that also had a mutual assistance character.
The members of the guilds provided an assistance fund for cases of disease,
death, circumstantial aids. The starting point of the associative movement was the
establishment of credit unions.
The first credit unions in Romania were established in the second half of the
19th century, adopting the German systems Raiffeisen and Schulze - Delizsch.
In the configuration of the interwar associative economic thinking, a lot of
personalities of the political, economic and scientific life were concerned with the
associative issue.
We mention the names of some personalities who played an important role in
its development: Dimitrie C. Butculescu, Costache Bălcescu, Ion Heliade-Rădulescu,
Constantin Brăiloiu, Teodor Diamant, Nicolae Bălcescu, Ion Ghica, Nicolae Iorga,
Petre S. Aurelian, Spiru Haret, Constantin Dobrogeanu-Gherea, Ion Ionescu de la Brad,
Ion Mihalache, Tache Ionescu, Ion Gh. Duca, Constantin A. Rosetti, Iosif Romanov,
Petre Ispirescu, Visarion Puiu, Gheorghe Taşcă, Octavian Goga, Gheorghe Asachi,
Mihail Kogălniceanu, Romeo Octavian Hanganu, Nicolae Malaxa, Vintilă Brătianu,
A.G. Galan, Constantin Argentoianu, Virgil N. Madgearu, Gromoslav Mladenatz, etc.
Credit unions are autonomous associations of people joined voluntarily, in
order to meet the needs and aspirations of economic, social and cultural nature, by means
of an institution controlled democratically.
Credit unions observe seven basic principles, namely: voluntary and open
association, democratic control of the members, economic contribution of the members,
autonomy, independence, education and instruction of the members.
In order to have an overview of this associative Romanian movement, we
present chronologically the most important moments of the existence of the credit unions:
1722 - In Resita the so-called „brotherly chest” (Bruderlade) was set up, an
association that was founded according to the tradition of the mine associations of
Central Europe that had been established as early as the 15th-16th centuries, being
recorded in the 1573 Maximilian Code too, which regulated the legal aspects related to
them.
1736 - The Credit Union of Oravita Town, Caras-Severin County, was
founded.
1789 - In Baia-Mare the Main Brotherly Society was established to which the
metalworkers of the town subsequently joined.
1825 - In Ploiesti, “Ghemulath Chasadim” was founded - a Credit and Pawn
Loan Union.
- In Cluj, the ”Gondoskodo”(Provisionales) Society was established,
which was a Deposit House, founded by the contribution of the Government’s employees
in order to secure them, by monthly deposits, the saving of their money, as well as
turning it to account by lending money at interest.
1835 - In Brasov, the “Kronstadter Allgemeine Sparkassa” Deposit Society
was founded, consisting of deposits made by its members, for their benefit.
1841 – In Sibiu, the “Hermannstader Allgemeine Sparkassa” Deposit
Societywas set up.
1845 - Costache Balcescu, an economist and politician, Nicolae Balcescu’s
elder brother, published the booklet entitled "Proiect pentru o casa de pastrare si
imprumutare" (Project of a Deposit and Credit Society, the first known attempt in our
country to set up a credit union.
1846 - In Brasov the first Romanian Credit Union was founded by printers.
- The Mutual Aid Association for Illnesses, Funerals, and Travels of the
journeymen printers of Brasov was established.
1851 - several savings, credit and mutual aid associations were set up in
Bistrita region.
- The Communal Association for Illness and Travel Aid of the printers
of Timisoara was founded.
1855 - The Romanian Railway System office workers of Braila established an
association of savings, credit and mutual assistance called „Infratirea” (Fraternity). Such
associations were then founded within many public institutions, being of great help to
those who could take out loans at a reasonable interest. These associations worked
according to their articles of association and establishment documents. When they were
established, their founder members didn’t have any funds, but they had to contribute a
certain amount of their wages (2-5%).
1856 - The “Mila si Ajutorul” (Pity and Help) Association was set up – a
Jewish Charity called Ghemiluth Chasadim.
1857 - In Moldova Noua, the Mine Workers’ Credit Union was founded.
1858 - The Printers’ Aid and Social Security Association began to operate in
Bucharest.
- The Jewish Community established in Bucharest the "Fraterna" Credit
Union.
1860 - Ion Ionescu de la Brad set up in Brad Village, Roman County, a School
Deposit Society.
- The Brotherly Association of the Workers of Anina was founded,
being considered one of the first credit union of the mine workers of Transylvania, and it
was established on the “Brudelade” model.
- In Cisnadie, Sibiu County, the Credit Union of the Civilian Firemen
was set up.
1861- The Assistance Association of the workers of Resita was established.
1862- In Mediaş the Savings and Loan Association was founded.
1863 In Bucharest the first “Printers’ Credit Union of Romania” was set up,
whose chairman was C.A. Rosetti. Among its members there were Walter Scarlat, Iosif
Romanov , Zisu Popa, Mihalache Galasescu and Petre Ispirescu.
- The Illness Aid Association of the printers of Cluj was founded.
- Jan Zalplachta-Zapołowicz, a contractor who had participated in the
Polish insurrection of 1863 set up the Credit Union of the Polish in Romania
(Towarzystwo Wzaemnej Pomocy Polakow).
1865 - Between October 31st and November 12th, the Assembly of the
Printers’ Aid and Social Security Society approved new articles of association and the
change of the name to the Association of Romanian Printers. A few years later, again by
the endeavour of C.A. Rosetti, it changed its name to Gutenberg Printers’ General Credit
Union (1872).
1866 - By the Constitution adopted on July 1st 1866 among the rights and
freedoms of citizens, the freedom of association was also proclaimed. Technically, the
legal procedure of recognizing the legality of the workers’ associations observed the
provisions of the Romanian Civil Code on the non-profit legal entities.
1867 - In Cenad Village, Timis County the “Savings and Mutual Assistance
Association” was founded.
- Visarion Roman established the "Deposit and Credit Society" of
Rasinari, Sibiu County.
1868 - E. Pavelescu founded in Chirnogi Village, Ilfov County, the Inner
Assistance Society. Today Chirnogi Village belongs to Călăraşi County.
- The Professional Credit Union of the journeymen of Pancota was set
up.
1870 - His Holiness Aurelian established in Bucharest the "Economia"
Savings and Credit Society.
1871- The Savings and Credit Society of Iasi was founded by five teachers of
the “Trei Ierarhi” (Three Bishops) Elementary School.
- The “Economia Românǎ” (Romanian Economy) Credit and Savings
Society of Ramnicu Sarat was founded.
1872 - In the “Trei-Scaune” (Three Chairs) region the first financial institution
was established - The Savings Bank of Targul Secuiesc
1873 - The "Mica Aurarie" (Little Golden Ware) Credit Association of Zlatna
was created.
- The “Aurora” Credit and Deposit Society of Nasaud was established.
- The “13 Decembrie Sibiu” Credit Union was established, which at
present is called The P.I.M. (Leather, Footwear and Morocco Leather Goods) Credit
Union.
1874 - The “Teleormanul” Credit and Savings Society of Alexandria was
founded.
1875 - The Mutual Aid Society of Bucharest was established.
1876 – The Association of Nasaud County was founded in 1876, and it was
called “Mariana”, after the name of the hardworking director and dean Ion Marian.
Within the association there was a Credit Union.
1878 - The first Charity and Credit Union called „Cremieux" was established
in Braila.
- The Funeral Assistance Association was set up in Alba-Iulia.
1879 - In Bucharest, a group of craftsmen - shoemakers founded a credit
union called “The Shoemakers Society”.
- The Office Workers’ Savings Society of Iasi was established.
1880- The "Ajutorul" (Aid) Deposit Society of Aiud was founded.
1882- Dimitrie C. Butculescu set up the Romanian Builders’ and Craftsmen’s
Association of Bucharest, made up of 800 members and divided into 20 sections,
according to different specializations. The associations of office workers, craftsmen and
merchants observed the cooperative principles. Some of these associations had as a
purpose the mutual aid in case of illness, unemployment, death and other contingencies.
In consideration of his activity, King Carol I called Butculescu “The Apostle
of patriotism”, and I.Costache Epurescu nicknamed him “Schulze-Delitzsch of
Romania”.
- Within the Jewish community of Podu Iloaiei several Credit Unions
were established.
- In Focsani, The Craftsmen’s Savings and Assistance Society was set up.
- On January 31st, in Tecuci, the first Charity – belonging to civil
servants – was set up.
1883 - The year of the establishment of the Craftsmen’s Savings and
Assistance Society of Focsani.
- The Romanian Craftsmen’s and Manufacturers’ Society of Botosani
was founded.
- The Administration of the Romanian Railway System founded a Credit
Union in Bucharest.
- The “Dobrogea” Commercial Credit and Savings of Tulcea was
established.
- The “Junimea comercială” (Trade Youth) Savings, Credit and Aid
Association of Giurgiu was founded.
- The Handwerker Unterstuetzungs Verein Craftsmen’s Credit Union was
set up, which even built a synagogue called “Poalei Tzedek “(Workers of Justice).
1885 - The year when the Commercial, Agricultural, Economic and Mutual
Aid Society of Turnul-Severin was established.
1886 - The Savings, Credit and Aid Association of Giurgiu was set up.
1887 -The “Commercial Code of Romania” was drawn up, and it was adopted
on April 15th. The mutual insurance association was recorded in Part I, Title VIII –
Chapter II –Section II, articles 257-263.
- One of the first workers’ association was established by the Socialist
Party – the Printers’ Society of Bucharest.
- Bartolomeu Băiulescu set up the “Meseriaşul Român” (Romanian
Craftsman) Credit and Deposit Association in Braşov-Cetate.
1888 - At the same time, in Bucharest some Polish Credit Unions began to be
established, which were called “Towarzystwo Wzaemnej Pomocy Polakow”.
1889 - The Confectioners’ Society of Romania was founded on March 28th in
Bucharest.
- In Braşov the Romanian Railway Credit Union was founded, by means
of which the administration provided medical care and free medicines to all the members
of the union and to their families.
1890 - The year of the establishment of the Romanian Railway Office
Workers’ Credit Union of Bucharest.
1892 - The Credit Union of Rosia Montana was set up by the workers’
decision.
1894 - In Sighet the Communal Assistance Society was established, where
helpings were given at a very low price.
- The Office Workers’ Savings Society of Targu-Ocna was founded.
- In Buzau County, the Schoolteachers’ Association also founded a Credit
Union.
1895 - The International Cooperative Alliance (ICA) was founded, to which
Romania was a founder member, and by its honourable representative, the deputy
Dimitrie C. Butculescu, it was a member of its board of directors. Romania became a
founder member of the International Cooperative Alliance, located in London, together
with England, France, Italy and Belgium.
1896 - The (AAD-CAR) Funeral Aid and Credit Union was founded, and it
was called „Expresul CFR“ (The Romanian Railway Express) and belonged to the
pensioners and the employees of the transports, communications and other branches of
the economy. It resulted from the merger of the former credit unions The Locomotive,
The Express, The Reunion, The Wagon, The Traction, The Romanian Railway Hostel of
Brasov, The Railway Workers’ Hostel of Targu Mures, The Romanian Railway Workers’
Movement of Galati.
Being a legal entity as early as 1924, designed as a centralized system, and
having its headquarters in Bucharest, the association has two sections: Funeral Aids and
Credit Union. Its aim, as specified by Constantin Iacob, the chairman of the Craiova
branch, is „granting funeral aids, repayable loans at a low interest and social benefits for
poor and low-pension people.
- The “Floarea ţării” (Pick of the Country) Craftsmen’s Society of Buzau
was founded.
- The “Progresul” (Progress) Clergy’s Society of Caracal was founded.
1897 - The “Ajutorul” (Help) – a society of the Macedonian and Albanian
Romanians of Constanta – was established.
1898 - The Tailors’ Savings Society of Alexandria was set up.
- In Moinesti the "Ahavat Ahim" (Brotherly Love) Credit Union was
founded.
1899 - The “Moldova” (Moldavia) – a Charity and Credit Union of Iasi – was
founded
- The Schoolteachers’ Associations of Ramnicul-Sarat County was founded
on August 1st, being one of the oldest associations in the country. Within the association
there was also a Credit Union.
1900 - Spiru Haret, being convinced of the necessity of the new credit unions
wrote that "the real credit institution of the peasants is the savings and mutual aid society
set up in their village, with their own money, managed by themselves, free from tiring
and expensive procedures".
1901 – The inhabitants of Chisinau City could benefit from the services of the
Credit and Deposit Society belonging to craftsmen and shopkeepers, established in
accordance with the Russian Ministry of Finance Order of January 19th 1901. Its aim was
to grant loans to its members.
1902 - A first attempt to proclaim some forms of association of employers and
employees in joint organizations was made by means of the Law on the organization of
trades (the Vasile Missir Law), adopted in 1902. This law applied to the employers, the
workers and the apprentices of the light industry (the factories, the big workshops and the
household industry were not included).
The regulations appeared in the first half of the 19th century by the Organic
Rules of Walachia and Moldavia, adopted in July 1831 and January 1832, which
stipulated even measures of regulating the practice of trades and the functioning of
professional organizations (known as corporations).
These provisions ensured the development of the workers’ associations, at
first having as a declared purpose the mutual assistance in case of illness, death, travel or
other circumstances.
1903 - The first Economic Credit and Assistance Society of the Teaching Staff
of Bucharest was founded.
1904 - An Aid and Retirement Pension Association of the village constables
and town policemen of all the country was founded.
- The Savings, Credit and Assistance Society of the teaching staff was
established.
- The “Isvorul” (Stream) Credit Union of the Masseurs-Bath Attendants
of Bucharest was set up.
1905- The Law on Savings, Pension and Aid Association of the officials of
the Ministry of Finance was adopted on July 1st.
- The Savings, Credit and Aid Association of all the employees (both
low-rank and high-rank) of the Post Office, Telegraph and Telephone Administration –
an institution recognized as a legal entity by the law promulgated on May 28th – was
established.
1907 - In Botosani County, The Schoolteachers’ Credit Union was
established, and it granted financial aid to its members in case of death. It also provided
assistance to the families left without any support.
- The Savings and Credit Society of the Police Office Workers of
Bucharest City was founded.
- In the Northern-Western area of the centre of Targu-Secuiesc Town the
two-storey Town Hall building was raised for the Savings and Credit Union.
- The General Aid and Pension Society of the workers of the Government
Monopoly Administration was set up.
- In Baia County, today called Suceava, the Schoolteachers’ Association
was founded, being set up by the schoolteacher Niculai Stoleru, and within it there was
also a Credit Union.
1909 - In Pitesti the Credit Union was set up.
1910 - Savings, credit, aid and pension of the office workers belonging to the
Ministry of the Interior of Bucharest were established.
1911 - The Schoolteachers’ Association of Arges County founded a Credit
Union.
- The year of the establishment of the Savings, Credit and Aid Society of
the officers of Bucharest.
1912 - In Dolj County the Schoolteachers’ Credit Union was founded.
- Having 35 founding members the Association of the Teaching Staff of
Putna County also had a Credit Union made up of 502 members, having as chairman M.
Hanga in 1939.
- În Neamt County the Schoolteachers’ Association was founded which
also included a Credit Union.
1913 - The Law on the organization of the Society of Ministry of Industry
Civil Servants.
- The Law of the Credit and Savings Society of the Ministry of the
Interior Office Workers was passed on December 29th.
1914 - In Teleorman County the Schoolteachers’ Association was founded,
which also set up a Credit Union helping the schoolteachers only in case of death.
- In Vaslui County within the Schoolteachers Association there was also a
Credit Union.
1915 - The Olt County Schoolteachers Association was established in 1915,
and it had 130 founder members. In 1939 it had 883 members and Mr. D. N. Giuculescu
as chairman. Its members were also affiliated to the Credit Union.
- The Savings, Pension and Aid Society of the Ministry of Finance office
workers was founded.
1916 - The Schoolteachers’ Association of Ialomita County was founded,
having 229 members. In 1939 it had 727 members, including all the schoolteachers in the
county, having Mr. N. D. Popescu as chairman. The Credit Union for death cases was
supplied by the contributions of its members.
- The Schoolteachers Association of Ilfov County was founded. Its
members were also affiliated to the Credit Union, whose chairman was Gh. Dumitru.
1919 - The Schoolteachers Association of Maramures County was founded,
which also established a Credit Union.
- In Orhei County, today belonging to the Republic of Moldavia, there was a
Schoolteachers’ Association established on October 15th 1919, having 121 members, and
in the year 1939 it had 773 members. The Association established the „Învăţătorul”
(Schoolteacher) Bank in 1930 having 52 members. The Credit Union operated within this
bank and had 773 members, M. Braşoveanu being its chairman.
- In Soroca Country, in 1939 the chairman of the schoolteachers’
association was Vasile Lupascu. This Association was set up on July 7th 1919, and had
about 300 members. In 1939 it had 910 members, all the schoolteachers in the county
joining it. Within the Bank a Credit Union was established, having 653 members.
- The schoolteachers in Tarnava-Mica County were divided, according to
their denomination, into two associations as follows: the Orthodox into „Schoolteachers’
Conferences” and the Greek-Catholoc into „Schoolteachers’ Reunions”. The Association
had also a Credit Union, having 512 members, directed by Cornel Schiau as chairman.
- In Mures County, the Teaching Staff’s Association founded a Credit Union.
In Sovata-Bai, the Association had purchased a holiday house.
- In Arad the Schoolteachers’ Credit Union was established.
- The Schoolteachers’ Association of Turda County established a Credit
Union.
1920 - The Schoolteachers’ Association of Prahova County was founded on
January 4th 1920, having 822 founder members, and in 1939 it had 1200 members.
Within the association there was also a Credit Union having 1203 members in 1939 and
Mr. Gh. D. Niculescu- Malu as chairman.
- In Alba-Iulia the Credit Union for the assistance of the teaching staff
members was established.
- The Teaching Staff’s Association of Braila County established a Credit
Union.
1921 - The Law on the establishment of the Romanian Railway System „Casa
Muncii” (Labour House) was passed.
- The Gorj County Association was established on January 30th 1921,
and within it there was a Credit Union having 615 members.
- Within the Schoolteachers’ Association of Odorhei County there was
also a Credit Union.
- The Schoolteachers’ Association of Vilcea County founded a Credit
Union.
1923 - The Law on the establishment of credit unions within each bar
association was passed.
1924 - In Teius, Alba County, on February 14th, the Credit and Savings
Cooperative called “Sfântul Ioan” (Saint John) was established. It worked until 1948
when the Communist government ordered that all the credit cooperatives in the country
should be closed. It was reestablished in 1954 under the name of “credit and savings bank
cooperative or cooperative bank”. After the year 2000, the credit cooperative was called
“Solidaritatea” (Solidarity). It worked until 2006 when it changed into the Credit Union
of Teius.
- The Credit, Savings and Aid Society of the workers of the Malaxa
Factories was founded in Bucharest. Nicolae Malaxa was also concerned with the social
problems of the workers, giving them bigger wages than other factories, social and
medical care, work outfits and meals in the works canteen. Because of the nationalization
done by the Communist government on August 11th 1948 the Credit, Savings and Aid
Society changed its name into “Casa de Ajutor Reciproc 23 August” (23rd August Credit
Union), and after 1989 to “Casa de Ajutor Reciproc Faur Bucuresti” (Faur Bucharest
Credit Union).
- The year when Law 21/1924 on legal entities (associations and
foundations), was passed, on February 6th.
- The “Economia” (Economy) Association was founded – a Savings
Society of the Public Works Ministry’s employees of Bucharest.
- Within the Teaching Staff’s Association of Cluj, there was also a Credit
Union.
- Visarion Puiu, in his capacity as Bishop of Hotin, established a Credit
Union in Balti.
- The Pension and Assistance Society of the Romanian Bank’s employees
was founded.
1925 - On October 20th in Tecuci, the Savings, Credit and Aid Society of the
Financial Office Workers was established.
- The “Muncitorul” (Worker) Credit Union was founded by some workers
of the Romanian Railway System.
- The Regulations of the Credit Union of the Romanian Press General
Association were drawn up.
1926 - The “Societatea de credit mutual a Chisinaului” (Credit Union of
Chisinau) was founded.
1927 - În Balti County, today belonging to the Republic of Moldavia, the
Teaching Staff’s Credit Union was founded.
1928 - The Credit and Savings Society of the Workers of the Gas and
Electricity Works of Bucharest was established.
- Within the Schoolteachers’ Association of Constanta County there was
also a Credit Union.
1929 - The Law of July 21st was passed, and it concerned the recognition of
the Savings and Credit Society of the Orthodox Clergy as a legal entity.
- The Schoolteachers’ Association of Bucharest City included many
schoolteachers of the capital of the country, all being members of the Credit Union, too.
- The Credit, Savings and Aid of the Communal Factories of Bucharest
was established.
1930 - Muscel County, today called Arges, had one of the oldest associations.
It was founded by the end of the year 1910, under the name of „Muscelul”
Schoolteachers’ Society. Within the association there was a Credit Union.
- "Întreţinerea" (Maintenance) – a Credit Union for Birth, Death and
Pensions, belonging to the railway and maintenance office employees of the Romanian
Railway System – was established.
- Severin County had founded a schoolteachers’ association as early as May
th
6 1920, having 206 members. Within it there was also a Credit Union.
1931 - In Tecuci County, the Schoolteachers’ Association established in 1912
by 60 members had 430 members in 1939. It included „Banca învăţătorească Regele
Carol II” (King Carol II Schoolteachers’ Bank), established in 1931 by 63 founder
members, having 421 members, who were also affiliated to the Schoolteachers’ Credit
Union.
- The Law on the establishment and organization of a Credit Union of the
Employees of the Harbours’ and Waterways’ Administration was passed.
- The Credit Union of the Employees of the Harbours’ and Waterways’
Administration was set up.
- On December 23rd the Law on the establishment of the Savings, Credit and
Aid Society of the Magistrates was passed.
1932 - A Credit Union were set up in Dej town.
- The Schoolteachers’ Association of Brasov County established a Credit
Union. In Crasna, for the members of the Association, there was a holiday house in the
building donated by the Ministry of Public Ownership of that time.
- The Pension and Aid Society of the employees of the “Dacia-Romania”
General Insurance Company was established.
1933 - In Suceava County there was a Schoolteachers’ Association which also
had a Credit Union whose chairman was Eugen Varzaru.
- The Teachers’ Association of Timis-Tarontal County and the Credit
Union were established.
1934 - 500 schoolteachers of Hunedoara County founded the Funeral
Assistance Society.
- The Pension, Credit and Aid Society of the employees of the Public
Lottery Administration was established.
- The Law on the Savings, Credit and Aid Society of the Teaching Staff
was passed.
- In Bihor County a Schoolteachers’ Credit Union was set up.
1935 - The Credit Union of the Teaching Staff of Satu-Mare County was
established.
- Octavian Goga, in his capacity of president of the Societatea Micǎ
(Small Company) of gold mining, helped the Savings and Credit Unions of the workers
and technical and administrative employees of the mines in Brad, Hunedoara County.
- The Articles of Association of the Pension, Credit and Aid Society of
the employees of the Public Lottery Administration was adopted.
1936 - The “Fochistul” Credit Union of Bucharest was established.
- On July 31st, within the Schoolteachers’ Association of Iasi County, a
Credit Union was also established.
1937 - In Mehedinti County there was one of the oldest sections of the
Schoolteachers’ Association, whose members were also affiliated to the Credit Union.
- In Bacau County there was also a Credit Union of the Teaching Staff.
1938 - The Law on the establishment of the Credit, Savings and Aid Society
of the Nursing and Health Care Professionals of Romania.
- The INCOOP – the National Institute of Cooperation was established.
1939 - In Fagaras County the Schoolteachers’ Association was established.
Within it there was also a Credit Union.
- In Tulcea County, the Schoolteachers’ Section established the Credit
Union.
- The Schoolteachers’ Association of Dambovita County had also a
Credit Union having 750 members to whom it provided assistance on different occasions.
- In Radauti County there was a Credit Union which helped the families
of poor schoolteachers.
- În Salaj County, the Romanian Greek-Catholic schoolteachers of the
Silvania Bishopric, under the direction of Gheorghe Pop de Basesti and Andrei Cosma,
decided on September 2nd 1870 to establish a Schoolteachers’ Society. It had 340
members in 1939, having Ioan Cleja as chairman. The Credit Union had 514 members
and helped the families of the poor teaching staff members.
- In Tutova County, the Schoolteachers Association established a Credit
Union.
- The Law on the establishment of the Savings, Credit and Social
Security Society of the civil servants of the Ministry of Agriculture and Public
Ownership was passed.
- The Law on the Savings, Credit and Social Security Society of the
employees of the Post Office System was passed on January 28th 1939.
- Special Regulations for the transactions of the Savings, Credit and Social
Security Society of the employees of the Post Office System were adopted on November
28th 1939.
1948 - In Vrancea County, by the dedication and work of some teachers, the
people’s banks - credit cooperatives withstood the earthquake of 1948, becoming Credit
Unions.
1949 – The Decree 358 of August 18th 1949 on the establishment of credit
unions was promulgated.
1950- The Credit Union of the Mine Works of Comanesti was established.
1951-1953 - The Patriarch Justinian Marina took steps for the training and
assistance of the extreme unction clergy, setting up the Pension Board and the Credit
Union for the priests and elder clergy.
1954 - By the Decree 455 of December 10th the Agriculture Bank was
established and the credit and savings cooperatives were re-established.
1970 - The “Mecanica”(Mechanics) Credit Union was founded, today called
“Fokkus” Credit Union of Targu-Secuiesc Town.
1971 - The Romanian Railway Credit Union of Comanesti, Bacau County,
was established.
1972 - The “Mopal” Credit Union was established, today called “Acces”
Credit Union of Bistrita.
- The I.C-M.A. Credit Union was founded, today called the Credit Union
of the Heavy Equipment Combined Works (CUG).
1974 - The Credit Union of the Oil Production Field of Comanesti, today
called SP Moinesti Credit Union.
1978 - The Credit Union of the Workshop and Transport Base of Moinesti
was founded. In 1991 it changed its name into the Credit Union of the High Tension
Electricity and Automation Section, and in 1997 it changed its name to CAR (Credit
Union) ERITAS MOINESTI (High Tension Electricity Networks and Oil-Well
Automation).
1980 - The IPROEB Credit Union of Bistrita was founded.
1996 - The Law 122 of October 16th 1996 on the legal status of the
employees’ credit unions was passed.
1998 - The Credit Union of Cluj City was founded.
1999 - The “Concordia” Credit Cooperative of Curtea de Arges was
established, and in 2006 its members decided to change its name into the Concordia
Credit Union of Curtea de Arges.
- The “Concordia” Credit Cooperative of Pitesti was established, and in
2007 its members decided to change its name into the Concordia Credit Union of Pitesti.
- The “Concordia Românǎ” (Romanian Agreement) Credit Cooperative of
Hateg was founded, and in 2007 it changed into the “Credit” Credit Union of Hateg,
Hunedoara County.
2000 - The Government’s Decree 26 on associations and foundations was
promulgated.
2001 - The Ministry of Public Finance’s Order 2329 on the establishment and
single-entry book-keeping of non-profit legal entities.
2003 - The Ministry of Public Finance’s Order 1829 on the approval of the
Accounting Regulations for non-profit legal entities was promulgated.
2004 - On April 19th 2004 the Central Federation of Romanian Credit
Unions was established.
- Since then, all the credit unions affiliated to the federation have
celebrated every year the day of November 18th as the International Credit Union
Day.
2005 - On July 24th, The Central Federation of Romanian Credit Unions
became a member of the World Council of Credit Unions (WOCCU).
2005 - The Law 246 on the associations and foundations was promulgated.
- New accounting regulations were adopted, according to the 4th Council
Directive of the European Economic Community, approved by the Ministry of Finance’s
Order 1752/2005, as amended.
2006 - Law 266 on the approval of the Government’s Decree 28/2006 concerning the regulation of some fiscal measures – was promulgated.
2007- The Ministry of Finance and Economy’s Order 1969 on the approval of
the accounting regulations for non-profit legal entities was promulgated.
The Articles of Association of the “CREDIT TEIUS” Credit Union and the
Articles of Association of the Central Federation of Romanian Credit Unions were
adopted.
According to the author of this paper, the chronology is not complete,
including only the data found in the records that were studied.