NLIS 7
June 29, 2004
(Government Services)

 

Credit unions record banner year

Government Services Minister Dianne Whalen today recognized the work of credit unions across the province and the vital role the credit union system plays in the economy of the province.

Credit unions have reported the most successful year on record with total profits of nearly $2 million for 2003. The audited statements of credit unions are presented to the Credit Union Deposit Guarantee Corporation annually.

"Credit unions are a vital part of the economy. They provide financial services to individuals in communities where no banks operate," said Minister Whalen. "This is critical for rural Newfoundland as major banks continue to pull out of these communities. They also provide healthy competition to banks in the more urban areas of the province."

Credit unions in this province employ 276 people at 42 locations. Of these jobs, 178 are located in rural Newfoundland. In all, the Newfoundland and Labrador credit union system pays out $11 million in wages.

"These statistics are impressive, but the point I want to emphasize is that credit unions are owned by their members. This means all profits remain in the province," Minister Whalen said. "I want to take this opportunity to acknowledge the success of credit unions this past year and their role in our economy."

The provincial government strongly supports the credit union system, and has demonstrated its commitment to small business with the creation of the new Department of Business.

Minister Whalen said the credit union system has a tremendous opportunity for continued growth in the province.

Media contact: Tracy Barron, Communications, (709) 729-4860

2004 06 29                                         2:40 p.m.


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