October 16, 2003

TORONTO, October 16 /CNW/ – Canadians will celebrate International Credit Union Day today, as people from around the world reflect upon credit union achievements and promote co-operative principles. International Credit Union Day coincides with Co-op Week, held October 12 - 18.

The theme of this year’s celebration is “The Heart of Our Community…Live the Co-operative Experience.” The theme acknowledges the distinct values-based and community-owned alternatives that credit unions and co-operatives offer. It also draws attention to the many ways that credit unions and co-operatives are leaders in creating social and economic solutions to propel communities forward.

“Canada’s credit unions provide financial services and much, much more,” explains Joanne De Laurentiis, President & CEO, Credit Union Central of Canada. “Because credit unions are financial co-operatives, a credit union’s customer is also an owner – with a say in how the credit union conducts its business. Thanks to our co-operative principles, credit unions participate actively in community involvement, through voluntarism, community economic development, donations and sponsorships. And through the international credit union movement, this level of commitment is multiplied in countries all over the world, affecting the lives of millions of people.”

From coast to coast to coast, community spirit is alive and well in co-operatives and credit unions. According to the 2002 Credit Union Community Involvement Survey, conducted for Credit Union Central of Canada by Ipsos-Reid, 323 credit unions contributed $13.7 million in monetary support — donations and sponsorships — to worthwhile causes in 2002.

In addition, fundraising by credit union respondents attracted $2.3 million for worthy causes. This figure includes staff contributions, giving by credit union members and the public. Of the credit unions surveyed, 192 (59%) administered fundraising campaigns for community organizations.

Credit unions have been serving Canadians since 1900. The principle of putting members first has galvanized our growth. Thanks to member loyalty, Canada is now home to over 610* affiliated credit unions and caisses populaires. And while the first deposit was just one dime, credit unions in Canada are today managing $69 billion through about 1,800 locations.