Brief history

1851 – The first cooperative is founded in Ardeal, region of Bistrita, at the same time with the first credit societies in Germany.

1855 – A economy, credit and mutual assistance society appears at Braila and it is called “Infratirea”.

1860 – Ion Ionescu de la Brad sets up a popular bank and a saving schoolhouse at Brad village, roman county.

1867 – Visarion Roman sets up “The Saving and Loan Society” at Rasinari, Sibiu county, the first credit cooperative and, the same time the first Romanian financial institution in Ardeal (following the Schulze Delitzsch model).

1871 – 1881 – Economy and Credit societies appears in almost all the cities of the country and even in some villages.

1886 – C. Dobrescu – Arges sets up the popular bank “Fratia” at Domnesti and the consumption society “Economatul” at Retevoiesti, Arges county.

1887 – The Romanian commercial code is elaborated and include also “Provisions related to Cooperative Societies” in the title VIII, section VII (art. 221-235) thus stimulating the appearance of many cooperative societies.

1891-1902 – A lot of cooperatives called “popular village banks” are founded in Romania and this led to the growth of the cooperatist movement in our country.

1895 – The Cooperation in Romania becomes a founding member of the International Cooperative Alliance (with the registered office in London), beside England, France, Italy and Belgium.

1898-1902 - Spiru C. Haret, considered to be “the popular banks founder” carries out a remarkable activity concerned with the biginning of the rural cooperative movement.

1903 - “The Law Rural Popular Banks and their Central House” is adopted and through its subsequent modifications, it extends its area and all the categories of coope ra tive organizations.

1917 - “The Central House of Cooperation and Land Appropriation for Villagers”, is established.

1929 - “Cooperation Organizing Law” is adopted and it undergoes many changes until 1939.

1938 - “The National Cooperation Institute” INCOOP appears

1954 - “Bank of Agriculture and Credit and Savings Coo - peratives” are set up through the decree no. 455 from the 10th of December.

1970 - “The Law for consumption cooperation organizing and functioning” comes out.

1990 - “The Law – Decree no 67 regarding the organizing and functioning of the consumption and credit cooperation” is Promulgated at the 8th of February.

1996 – Romania Parliament adopts “Low no. 109 concerning the organizing and functioning of the consumption and credit cooperation”.

2000 – Romania Government issues the Emergency Ordinance no. 97 regarding the credit cooperatives.

2002 – The Parliament of Romania adopts Law no. 200/2002 for the approval of G.E.O. no. 97/ 2000.
    - CREDITCOOP cooperative system receives the authorization of National Bank of Romania.
    - CREDITCOOP Central House becames member of the Deposit's Guaranty Funds in Banking System.

2003 – CREDITCOOP Central House becames member of the Roumanian Association of Banks and of the European Association of Cooperative Banks.

2004 – The Romanian Parliament approved law number 122 which modified the Government order number 97/ 2000 Concerning cooperatives.

2006 – The Government of Romania adopted the Ordinance of emergency 99/ 6 December 2006 regarding the institutios of credit and the adequacy of the capital that contains also the regulations specific to the cooperative organizations of credit.

2007 - The Romanian Parliament adopts the Law no. 227/July 4, regarding the approval and the modifications of the Government Emergency Ordinance no. 99/ 2006 regarding the credit institutions and the capital adequation.

2009 - The Romanian Government adopts the Emergency Ordinance nr. 25/March 18, 2009 for the modification and integration of the Emergency Ordinance nr. 99/2006 regarding the credit institutions and capital adequation.

2010 - The Romanian Government adopts the Emergency Ordinance nr. 26/March 31, 2010 for the modification and integration of the Emergency Ordinance nr. 99/2006 regarding the credit institutions and capital adequation and other normative acts.