Estonian Union of Credit Cooperatives

About Estonian Union of Credit Cooperatives

The Estonian Union of Credit Cooperatives (EUCC) is a representative organization of savings and loan associations (credit cooperatives – CC), which for a quarter of a century now consolidates stronger and longer-term credit cooperatives across Estonia. The Union’s aim is to deepen cooperation between credit cooperatives and to stand up for the interests and good repute of them, both in Estonia and with international institutions.

The main task of the EUCC is to maintain the good repute and ensure the reliability of credit cooperatives. Consequently, only a credit cooperative which has been able to build trust in both the EUCC and the Estonian public has been able to become a member of the organization.

The tasks of the Union will include the acquisition of the necessary know-how and resources and the organization of training for its members. The Union will ensure that member cooperatives comply with the best practice of the functioning of credit unions and do not oppose the prudential rules established by law. The EUCC will keep members informed of the legislative changes concerning credit cooperatives and will be the principal partner of the legislator in formulating the rules in this regard.

Although the Union is primarily established as an assisting institution for functioning and starting credit cooperatives, the Union will also assist current and future users of credit cooperative services.

The Estonian Union of Credit Cooperatives is a full member of the World Council of Credit Unions (WOCCU) from 2013 as well as a full partner of the European Network of Credit Unions (ENCU) since its launch.

The Deposit Guarantee Fund

The Deposit Guarantee Fund (DGF) is established by the members of the EUCC. DGF will ensure deposits of up to EUR 20,000 by members of the credit cooperatives (CC) of the EUCC which have joined the Fund. Deposits will be guaranteed only in the member cooperatives which have entered into a contract with the Fund and make regular payments to it. In order to join the DGF, the credit cooperative must demonstrate that its activities are consistent with the Savings and Loan Associations Act and that the financial situation is stable.

The deposits of five credit cooperatives are currently guaranteed by DGF: members of Kambja CC, Kehtna CC, Saaremaa CC, Põlvamaa CC and Rural Promotion CC (Maaelu Edendamise HLÜ).

CEO of DGF: Mrs. Maria Peldes,, Ph.: +372 504 6823


Baltic Shared Services Ltd. (BSS Ltd.)

An economic association established in 2010 developed integrated software for credit cooperatives, which manages the customer base, loans, deposits and allows cooperatives to make payments through the Internet and the mobile bank window. The shareholders of BSS are all members of the member credit cooperatives of EUCC, the software development company and two foreign partners of the United States credit union system.

CEO and a Board Member of BSS Ltd.: Mr. Andrus Ristkok,

Rural Promotion CC (Maaelu Edendamise HLÜ) and Kambja CC have obtained a licence from the Financial Supervision Authority (which is therefore also under the supervision of FSA). Rural Promotion CC and Tartu CC (its subsidiary Ühisteenused Ltd.) are the only day-to day users of bank services’ facility of BSS, providing payment services to their members at the moment. Other cooperatives are still preparing to use the system.


Members of the Board

Uno Silberg

Chairman of the Board

Linda Sossi

Member of the Board

Andrus Ristkok

Member of the Board