Resilience of cooperatives during global pandemics – Short-term effects of Covid-19 on lending behaviour of British credit unions

IF 2.2 Q3 MANAGEMENT
Pål M. Vik , Joanna Curtis , Karl T. Dayson
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引用次数: 0

Abstract

Cooperative financial institutions are believed to be less vulnerable to business and economic fluctuations linked to recessions and crises. This paper examines the short-term effects of Covid-19 on the British credit union sector drawing on survey data for 58 credit unions and follow-up interviews with 21 credit union managers. Loan demand, and the volume and value of loans were significantly lower in March and April 2020 after the introduction of government restrictions than in March and April 2019. Bad debt provisioning was also significantly higher in April 2020 than in April 2019. There was no significant difference for loan interest income between April 2019 and April 2020. The findings suggest that credit unions were affected by the pandemic in the same way as other financial institutions. For the majority of the credit unions, the decline in lending may be explained by a drop in consumer demand rather than restrictions put on the supply of credit. It is too early to conclude if the adverse economic conditions caused by Covid-19 will negatively affect the sustainability and ability of the sector to generate surpluses or if the cooperative model will shield the sector from resulting economic fluctuations, as suggested by the literature.

合作社在全球大流行期间的复原力——2019冠状病毒病对英国信用合作社贷款行为的短期影响
人们认为,合作金融机构不太容易受到与衰退和危机有关的商业和经济波动的影响。本文通过对58个信用合作社的调查数据和对21个信用合作社经理的后续访谈,研究了Covid-19对英国信用合作社行业的短期影响。在政府出台限制措施后,2020年3月和4月的贷款需求、贷款数量和贷款价值都明显低于2019年3月和4月。2020年4月的坏账拨备也明显高于2019年4月。2019年4月和2020年4月的贷款利息收入没有显著差异。调查结果表明,与其他金融机构一样,信用合作社也受到了疫情的影响。对大多数信用合作社来说,贷款减少的原因可能是消费者需求下降,而不是信贷供应受到限制。如文献所示,Covid-19造成的不利经济状况是否会对该部门产生盈余的可持续性和能力产生负面影响,或者合作模式是否会保护该部门免受由此产生的经济波动的影响,现在下结论还为时过早。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.40
自引率
19.00%
发文量
27
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