The Moldovan savings and loan associations initiated the procedure for joining the World Council of Credit Unions (WOCCU), vice president of the National Commission on the Financial Market Aurica Doina told a news conference, quoted by Info-Prim Neo. The WOCCU brings together 46,000 credit unions, which in Moldova are called savings and loan associations, from 96 countries. They provide services for 177 million people. The Council's major objective is to protect the rights of the consumers and the legal interests of the members of the credit unions. A number of 398 savings and loan associations with 120,000 active members worked in Moldova at the end of 2009. Their assets were assessed at 345 million lei, while the loans granted by them totaled 303 million lei – 8,000 lei on average for a loan of up to one year. In order to obtain a loan from a savings and loan association, one should become a member of the association and pay 100 lei in dues. Unlike the banks, these associations do not ask for pledge for the loans they release. “The present network of savings and loan associations does not fully satisfy the demand for loans. The associations are dependent on foreign financial resources and are unable to earn sufficient incomes for sustainable activity. Therefore, the interest rate on their loans is rather high – 22-25% in 2009. The savings and loan associations have not yet become an alternative to the banks,” said Aurica Doina. Though the deposits rose by 16% in 2009, the volume of deposits is still low (69.8 million lei), while the loans granted by the savings and loan associations make up only 0.5% of the GDP. David Grece, vice president of the WOCCU, said that after joining the World Council of Credit Unions, the Moldovan savings and loan associations will benefit from technical assistance programs to improve their financial performance, while associations' employees will be able to improve qualifications, learn modern financial management principles, exchange experience and take part in the seminars organized by the Council.