Your Credit Union – Shelter from the Financial Storm

Every day, new headlines broadcast the latest financial furor south of the boarder.  While financial markets falter, Canada’s credit union system remains strong and calm, protected by well designed lending policies and sound regulatory structures.  And although Canada’s economic outlook has dimmed, credit union members can rest assured their money is safe and their credit union is secure.

In Ontario alone, the credit union system saw assets grow to almost $19 billion and deposit levels rise to over $16 billion by the end of 2007.  As well, the majority of our deposits come from local credit union members – not global capital markets – so our deposit base remains stable relative to other financial institutions in Canada, the U.S. and elsewhere.

Your credit union is committed to upholding and strengthening key policies that protect our members as the market swings and sways.  We are sticking to our “no sub-prime mortgages’ policy”, avoiding a major lending risk that is considered a chief cause of the current turmoil in the U.S.  We are also continuing to make prudent loans to our members where we live, work and serve, helping keep our loan delinquency rates exceptionally low while supporting strong communities.  As well, we’re maintaining high levels of capital reserves and liquidity, ensuring funds are available to meet our obligations to you, our depositors, at any time, including during periods of financial market upheaval.

The Deposit Insurance Corporation of Ontario (DICO) provides deposit protection for all eligible deposits held at Ontario credit unions.  Deposit insurance is part of a comprehensive protection program in all Ontario credit unions.  For more information, visit the Deposit Insurance Corporation of Ontario website at: www.dico.com/DICOpublic.nsf/Main/Brochure2003English?OpenDocument

For more information about how the credit union system safeguards members, click here.

For information on investments strategies, click here.