Credit Unions endorse their inclusion in guarantee

Media Release

Credit Unions endorse their inclusion in the deposit guarantee scheme

Tuesday 14 October 2008, Auckland. The New Zealand Association of Credit Unions endorses the inclusion of Credit Unions in the announced deposit guarantee scheme.

``Given the existing sound business operation of Credit Unions, this allows our 170,000 member depositors who have chosen to use Credit Unions for their banking services to receive the same commitment from the government as given to banks,’’ says Doug McLaren, Chief Executive, New Zealand Association of Credit Unions.

The deposit guarantee scheme brings New Zealand Credit Unions inline with Credit Unions in Japan, Canada, Ireland, USA, UK and other countries who also have their deposits guaranteed.

Credit Union depositors are member owners of their Credit Unions and have direct say in the Credit Unions’ governance and operation.

Credit Unions are not-for-profit banking services providers that have been operating in New Zealand for over 50 years. They are an alternative to mainstream banks, offering flexible banking options that are understanding of the circumstances of individual members.

About the New Zealand Association of Credit Unions
The Association was established in 1961 as the Credit Union League and later changed its name in 1989. It acts as the main trade association for Credit Unions in New Zealand and provides a range of products and services to its Member Credit Unions. Its 26 Member Credit Unions operate in more than 95 locations nationwide serving over 176,000 New Zealanders. The Association is a member of the World Council of Credit Unions and an affiliate of the Credit Union Services Corporation of Australia Ltd.

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