Bond of association

The Bond of Association was a document created in 1584 by Francis Walsingham and William Cecil, Lord Burghley after the failure of the Throckmorton Plot in 1583.

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.