The applications for loans from savings and loan associations are rising in number. The average size of a loan per beneficiary has increased, IPN report, quoting Aurica Doina, a member of the Administration Board of the National Commission for Financial Markets.

Thus, the average size of a loan in 2013 rose by 15.2% to 9,587 lei. The average value of the savings attracted in savings accounts per depositing member was 27,501 lei, up 33.4% or 6,889 lei on last year.

Aurica Doina approved of the bill to amend the Code of Administrative Offenses and the Penal Code for which the Government assumed responsibility before Parliament. These amendments are aimed at making the administrators of the savings and loan associations more responsible and at ensuring correct lending activity.

A bill providing for the creation of a fund for guaranteeing the deposits with savings and loan associations is being finalized and will be submitted to the Government soon. In parallel, effort is made to diversify the services provided by the associations in the rural areas where they work.

“In the EU, such associations provide about 20 services. The services to pay public utilities are the most popular ones as the savings and loan associations have the necessary institutional capacities. They also provide currently exchange and other services needed by villagers. Last year, for example, together with insurance companies we trained associations’ administrators. In the first half of this year, 26 savings and loan associations reported intermediation activity in the insurance sector. Premiums of 22,000 lei were collected through them,” stated Aurica Doina.

In Moldova there are over 300 savings and loan associations working all over the country.