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The following statement was issued today by Ernest McLean, Minister of Government Services and Lands. It was also read in the House of Assembly: As members are aware, we recently gave third reading, in this House of Assembly, to a new Credit Union Act for the province. Part of this act deals with the Credit Union Deposit Guarantee Corporation, a provincial Crown corporation providing deposit insurance protection to credit union members. This deposit protection is backed by a guarantee from government and is evidence of the strong commitment we have to the credit union movement in this province. The credit union movement consists of 15 credit unions operating from 34 locations throughout Newfoundland and Labrador. The credit union movement has 34,300 members, employs 195 Newfoundlanders and Labradorians, and has $295 million in assets. It is an extremely important component of the financial services industry, not only in this province, but also throughout Canada. I am pleased today to announce the appointments of Wilfred Letto, William Dilny and George Cull to the board of directors of the Credit Union Deposit Guarantee Corporation as credit union representatives. These are volunteer positions, and these three men have spent many years providing volunteer services to the credit union movement in this province. The Board of Directors of the corporation consists of six members. There are also three government representatives on the board. The Credit Union Deposit Guarantee Corporation is an excellent example of how government provides effective regulation to a financial industry through cooperation with that industry. It is through the efforts of close to 200 volunteers, such as Mr. Letto, Mr. Dilny and Mr. Cull, that the credit union movement has grown and prospered to the point where it provides a full range of financial services to residents of Newfoundland and Labrador. I wish the new appointees every success. 1998 12 07 2:20 p.m.
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