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Financial Performance of European Cooperative Banks
Kuc, Matěj ; Teplý, Petr (advisor) ; Tůma, Zdeněk (referee) ; Tripe, David (referee) ; Witzany, Jiří (referee)
This dissertation consists of four essays dealing with the financial performance of European cooperative banks. We focus on a comparison between the performance of cooperative banks and that of shareholder-owned commercial banks. Furthermore, we compare different cooperative banking models in Europe, paying special attention to the Czech credit union sector. In the individual essays, we examine different performance measures depicting profitability, stability and cost efficiency. The topic of the financial performance of cooperative banks is highly relevant, as cooperative banks are structurally different from the standard commercial banking model and they have a significant market share in several European countries, while most of the empirical literature focused on banking financial performance is devoted solely to commercial banks. The first essay of this dissertation thesis empirically assesses the financial performance of Czech credit unions compared to that of cooperative banks from 15 European countries in terms of their profitability and stability. Employing dynamic panel data methods, we reveal that the performance of Czech credit unions in terms of both profitability and stability is worse than that of their European peers. In the second essay, we compare the financial performance of cooperative...
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Financial performance of credit unions in the Czech Republic
Kuc, Matěj ; Teplý, Petr (advisor) ; Džmuráňová, Hana (referee)
This thesis is interested in relative performance of highly criticized Czech credit unions. Theoretical part comments on their historical development, makes international comparison and shows possible development of legislation. We created two unique datasets to assess financial performance of Czech credit unions in subsequent empirical part. The first one contains Czech credit unions' and commercial banks' data. The second one is established to make a comparison of Czech credit unions with cooperative banks operating elsewhere in the EU. Both are based on annual data between 2007 and 2012 period. System GMM method is employed as main instrument of our empirical analysis and alternative panel data methods are used as supplementary techniques. We focused our analysis on comparison of relative profitability and stability measures of Czech credit unions. The results revealed their poor performance in the given time period. According to our estimates, they resembled rather small commercial banks than cooperative ones. The negative relationship between Czech credit unions' stability measure (Z-score) and their asset size is especially striking. Moreover, Z- score of Czech credit unions decreased sharply in 2012. Such development was observed neither in case of Czech commercial banks nor in other...
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Analysis of the sector of credit unions
Hynková, Kristýna ; Teplý, Petr (advisor) ; Hejdová, Martina (referee)
The sector of credit unions has undergone a remarkable evolution. The situation had seemingly changed after the period of instability in the late 1990's but the bankruptcy of Unibon, Metropolitní spořitelní družstvo and WPB Capital proved that the credit unions still pose a potential threat for financial market. In 2014, a Novel of the Savings and Credit Cooperatives Law, which will probably lead to change of the structure of these financial institutions´ markets, was passed. Furthermore, another limitation on credit unions, related e.g. to their balance sheet total is going to be imposed 1.1.2018. According to the fact that in general they aim to either eliminate or dispose of this type of financial institution, the amount of these subjects is likely to decrease, as a consequence of transformation into a bank or termination of business. This bachelor thesis analyses contemporary condition of the sector of credit unions and intends to predict their presumable development, which leads to three possible eventualities.
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Development of credit union sector of the Czech Republic
Plavčko, Matúš ; Blahová, Naďa (advisor) ; Marková, Jana (referee)
The bachelor thesis is focused on the topic of credit union sector of the Czech Republic. The theoretical part introduces the historical development of the sector along with the legislative changes. The empirical part follows an analysis of the current situation with an emphasis on the relevant indicators of financial health. The findings point to a deviation from the original principles and the introduction of profitability orientation, which leads to increased risk of credit union market. In response to the sector crisis, an amendment of Act was adopted in 2014, opening up the question of the future of individual market participants. The thesis introduces 3 basic scenarios of the future development - the bankruptcy, the continuation of the activity as a credit union or transformation into a bank.
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Financial performance of credit unions in the Czech Republic
Kuc, Matěj ; Teplý, Petr (advisor) ; Džmuráňová, Hana (referee)
This thesis is interested in relative performance of highly criticized Czech credit unions. Theoretical part comments on their historical development, makes international comparison and shows possible development of legislation. We created two unique datasets to assess financial performance of Czech credit unions in subsequent empirical part. The first one contains Czech credit unions' and commercial banks' data. The second one is established to make a comparison of Czech credit unions with cooperative banks operating elsewhere in the EU. Both are based on annual data between 2007 and 2012 period. System GMM method is employed as main instrument of our empirical analysis and alternative panel data methods are used as supplementary techniques. We focused our analysis on comparison of relative profitability and stability measures of Czech credit unions. The results revealed their poor performance in the given time period. According to our estimates, they resembled rather small commercial banks than cooperative ones. The negative relationship between Czech credit unions' stability measure (Z-score) and their asset size is especially striking. Moreover, Z- score of Czech credit unions decreased sharply in 2012. Such development was observed neither in case of Czech commercial banks nor in other...
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The analysis of the credit union sector in the Czech Republic
Saliy, Nazariy ; Cibulka, Jakub (advisor) ; Kábrt, Tomáš (referee)
At the end of the 90s the Czech credit union sector passed through the crisis what caused a number of amendments to the Act No. 87/1995 Coll., on Credit Unions. The last important adjustment to the Act on Credit Unions was an amendment of 2014. This bachelor thesis analyzes the current situation of credit union sector and the impact of changes in the legislative framework on the stability of the sector. The credit union sector accounts for only a small fraction of the Czech financial market, although it has developed favorably in recent years. This development was suspended by an amendment to the Act on Credit Unions of 2014, however stricter rules and a number of restrictions led to the strengthening of financial stability of the credit union sector. One of the consequences of the amendment is forthcoming transformation of the two largest credit unions into banks.
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