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The bond of association or common bond is the social connection among the members of credit unions and co-operative banks. Common bonds substitute for collateral in the early stages of financial system development. Like solidarity lending, the common bond has since played an important role in facilitating the development of microfinance for poor people. In modern financial systems, common bonds remain a key building block, especially for the strategic networks that underpin many of Europe’s co-operative banks.〔 Martin Desrochers, Klaus P. Fischer & Jean-Pierre Gueyie. Managing contractual risk through organization: strategic vs. consensual networks. Développement International Desjardins, Levis, Quebec, May 2004.〕 ==How bonds work== Hermann Schulze-Delitzsch, an early co-operative organizer, explained the concept of the ‘bond of association’ at credit union meetings in this way: In his book ''People’s Banks'' (1910), Henry W. Wolff summarized the character of this ‘common bond’ based on his observations of credit unions all over Europe:〔 Henry W. Wolff. ''People's Banks: A Record of Social and Economic Success''. P.S. King & Son, London, 1910, pp. 37-38〕 # many individuals bring small amounts of share capital into a common pool, which collectively amounts to significant base of collateral, # borrowers, lenders and guarantors live near one another (e.g., in the same village), making it convenient for the lender and guarantors to monitor the performance of the borrower, and manage any problems that may come up, # an ‘inter-connection of liability among members’ is created by the bond, which may either involve direct and unlimited ‘financial liability’, or ‘direct responsibility for good management’ (which once publicly established increases the sense of security of claim-holders), and # all operations of the credit union must be conducted along ‘businesslike lines’ based on a strong sense of collective responsibility. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Bond of association」の詳細全文を読む スポンサード リンク
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