Tourism, Culture, Industry and Innovation
October 18, 2018
Ministers Recognize International Credit Union Day
Today marks the 70th anniversary of International Credit Union Day, which has been celebrated on the third Thursday in October since 1948. The goal of International Credit Union Day is to raise awareness about the great work that credit unions are doing around the world and to show members how they can get more involved.
This year’s theme, "Find Your Platinum Lining", celebrates the spirit of the global credit union movement; reflecting on its history, promoting its achievements and recognizing the service provided to members.
There are currently nine credit unions with 36 service locations operating throughout Newfoundland and Labrador. In 2017 there were about 64,000 credit union members, which is more than 12 per cent of the population of Newfoundland and Labrador. Over 315 people are employed through the credit union system, which provides $20.5 million annually in salaries and benefits. Of these, 200 employees live in rural areas of the province.
Credit unions are regulated by both the Provincial Government and the Credit Union Deposit Guarantee Corporation to ensure government legislation and sound business practices are followed. Currently, the total assets of these credit unions are $1.250 billion, and that number continues to grow.Quote
“Credit unions are an important part of our local economy and we are very proud of the success they have achieved. They have experienced steady growth over the past number of years, with membership, earnings and assets continuously improving in credit unions throughout Newfoundland and Labrador.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
“The importance of credit unions and co-ops in Newfoundland and Labrador cannot be understated. They play an prominent role, especially in rural areas of our province, helping to build communities and regions. I visited a credit union on Monday to kick off the launch off Co-op Week, and I am pleased to celebrate International Credit Union Day, to raise awareness about the great work that credit unions are doing here and around the world.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
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2018 10 18 10:25 a.m.