ROLE OF CREDIT UNIONS IN THE FORMATION OF THE UKRAINIAN CREDIT SYSTEM

In the article the assessment of the Ukrainian credit unions’ development in the post-crisis period has been made. The comparison of the general state of functioning of banking and non-banking credit institutions has been made. It’s stated that in the total credit market transactions the share of non-banking credit institutions is low because of the approval of the bank-oriented financial and credit system in Ukraine. The study states that in the height of the 2008–2009’s financial crisis credit unions were the only financial institutions that continued lending to the least protected sections of the population. The article concludes that credit unions play an important role in the credit market, as contributing to people’s access to credit resources because of the low propensity of banking institutions to understand the latest and complicated conditions of the Ukrainian population, which, because of their low incomes, do not able to get loans in banks.