[Congressional Record Volume 142, Number 59 (Thursday, May 2, 1996)]
[Senate]
[Pages S4615-S4616]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                POLISH-GEORGIAN CREDIT UNION PARTNERSHIP

  Mr. NUNN. Mr. President, I would like to take this time to bring to 
the Senate's attention an exciting movement which is currently under 
way in Poland. It is a movement to create and develop credit unions for 
the benefit of Polish citizens.
  A unique partnership now exists between the Polish National 
Association of Cooperative Savings and Credit Unions and the Georgia 
Credit Union Affiliates. Georgia-based credit unions will provide 
assistance in the development and implementation of new credit union 
services and products for the benefit of Polish credit union members. 
This relationship provides the opportunity for the exchange of 
information, experience, and expertise which is critical to the 
formation of sound financial institutions.
  Many Polish citizens now enjoy some of the same benefits of credit 
union membership that many here in America have long taken for granted. 
One of the more important benefits is the ability to play a role in the 
appointment of the credit union's officers through direct election. 
This democratic function instills greater confidence and trust in the 
credit union by

[[Page S4616]]

insuring that its officers are responsive to the members' concerns and 
interests. It also provides hands-on experience in local democratic 
institutions, which are the building blocks of strong national 
democracies.
  Along with the personal benefits associated with credit union 
membership comes the more important collective benefit of capital 
formation. Financial institutions such as banks and credit unions have 
always served an important function in providing capital for new 
businesses and in turn economic growth. This is based on the 
fundamental relationship between savings and investment. Greater 
individual savings leads to greater business investment. This 
investment leads to more productivity and greater competitiveness, and 
we know that greater competitiveness means better jobs and higher 
standards of living. The bottom line is that a critical component to 
Poland's prospects for long-term economic development and growth must 
be the assurance that all Polish citizens have access to sound 
financial institutions for their hard earned savings and that these 
institutions serve their communities well.
  I applaud the ongoing efforts to build and strengthen Poland's 
private financial institutions. In particular, I want to recognize 
Grzegorz Bierecki who has been instrumental in the development of the 
credit union movement in Poland. I also want to thank Mike Mercer, 
president of the Georgia Credit Union Affiliates, for bringing this 
matter to my attention. I believe this movement is worthy of the 
Senate's attention and support.

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