May 1, 2006

Assets, loans and deposits all increased in 2005

VANCOUVER – The Canadian credit union system enjoyed double-digit increases in assets, deposits and loans in 2005, Credit Union Central of Canada reported today.

The assets of credit unions affiliated with Canadian Central increased to $87 billion at the end of 2005, up 10.8 per cent from a year earlier. Deposits increased to $78 billion, up 10.8 per cent and loans were up 12.9 per cent to $71.5 billion.

“The commitment credit unions demonstrate to member service and their communities is paying off with excellent results,” said David Phillips, Interim CEO of Canadian Central. “We look forward to continued growth.”

Due to mergers the number of credit unions declined by 32 during the year to 526. However, the number of locations operated by credit unions increased to 1,793, up from 1,783 a year earlier.

Membership also increased to 4.9 million from 4.7 million.

The credit union system is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and are controlled by their members. Credit unions are the primary shareholder members of provincial Centrals. The provincial Centrals are in turn the primary shareholder members of Credit Union Central of Canada, which functions as the system's national trade association and services provider.

More information about Canada's credit unions is available at www.cucentral.ca.

For more information contact:

Art Chamberlain
Manager, Media Relations
chamberlaina@cucentral.com
416 232-3466