Credit Unions: Mutuality Pays Off

NEW PLYMOUTH, THURSDAY 14 SEPTEMBER 2006 - The New Zealand Association of Credit Unions reflects on another successful year on the eve of its 44th Annual Conference and AGM in New Plymouth.

Doug McLaren, Chief Executive of the Association, says that the theme for this year’s conference is “Meet The Challenge” and although the Association has seen growth in revenue, product range and staff, there is no time to rest on past achievements.

“We work hard for our Member Credit Unions so they can help New Zealanders gain greater financial independence and pride. Our focus is on succeeding together with our Member Credit Unions, their members and the communities they serve to,” says Mr McLaren.

Because of the mutuality structure of Credit Unions, profits are returned to members, so a strong financial result for the Association directly benefits Member Credit Unions. This year the Association announced total dividends and rebates to Member Credit Unions in excess of $2.6 million which was a 28.3% increase over the prior year.

Thanks to the support of its 39 Member Credit Unions, the Association achieved another record year in funds under management, growth in ACCESSCARDTM transactions by 14% and growth of own ACCESSCASH® ATMs network. Credit Union Home Loans, though small compared to the New Zealand mortgage market, saw a 46% growth this year. Additionally, four Credit Unions are now offering the Housing New Zealand Corporation’s Welcome Home Loans.

“With major projects underway and more ahead, this has been another extremely busy and rewarding year, but we must continue to work hard towards the Credit Union Movement’s strategic plan focusing on growth, best practice and credibility,” he says.

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 39 Member Credit Unions operate in more than 95 locations nationwide serving over 173,800 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. The New Zealand Association of Credit Unions is a registered financial cooperative and is not a registered bank.

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