What is the Lithuanian Central Credit Union?
The Lithuanian Central Credit Union (LCCU) is the first central credit union in Lithuania, which unites the majority of credit unions (45 of 65) in Lithuania. The LCCU was established in 2001, its member credit unions unite more than 115,000 Lithuanian citizens. The LCCU provides various services (legal, IT, marketing, etc.) to its member credit unions. More than 51,000 members are using our e-banking system i-unija.
To be the first choice and financial partner of credit unions.
We are a close financial partner of communities, we help them develop and become stronger.
Honesty. We use the resources provided to us sparingly, we offer our members only the most beneficial solutions.
Professionalism. We are unrivaled in our area of expertise, we are constantly improving, innovating and pursuing the highest goals.
Openness and cooperation. We encourage engagement and facilitate the sharing of experience, ideas and knowledge. We follow the traditional spirit of cooperation and believe that the variety of opinions, the respect of colleagues and members together with a synergy of action lead to the best results.
What does the LCCU do?
The Lithuanian Central Credit Union provides various services to its members (credit unions):
- Accepts deposits and other returnable funds.
- Lends (including mortgage loans) to its members: provides syndicated, subordinated loans and loans for turnover funds.
- Invests in government securities issued by the Bank of Lithuania, the Republic of Lithuania and foreign states that have the highest rating (Group A States).
- Executes clearing operations between its members through the Payment center of the Bank of Lithuania and other clearing institutions.
- Provides financial surety and financial guarantees.
- Evaluates creditworthiness.
- Participates in various programs and projects for credit unions initiated by the institutions of the Republic of Lithuania and other states.
- Provides payment services.
- Issues payment cards.
- Administrates the online banking platform.
- Protects, accounts and manages financial instruments.
- Ensured the solvency of its member credit unions.
- Administers the Liquidity fund.
The LCCU also represents the interests of its member credit unions:
- Considers and provides suggestions on legislation regulating the operation of credit unions to the Bank of Lithuania and the Ministry of Finance of the Republic of Lithuania.
- Liaises with similar governmental and international institutions, and represents Lithuanian credit unions in them.
- Decides on the membership in the LCCU system.