May 8, 2003

(Halifax) The Canadian Credit Union System reported continuing growth in total assets, loans and deposits, in year-end 2002 figures released Thursday at the annual general meeting of Credit Union Central of Canada.

Total assets of local credit unions grew by 7 percent to $66.4 billion, up from $62 billion in 2001. Total loans increased by 9 per cent to $52.9 billion from $48.5 billion the previous year. Total deposits rose to $60.6 billion, more than 7 per cent over the 2001 total of $56.4 billion.

The Credit Union System, which does not include Quebec-based caisses populaires, continued to consolidate. At year-end 2002, there were 632 local credit unions, compared to 669 local credit unions at year-end 2001.

The number of members increased to over 4.6 million, a slight increase from the previous year. Including Quebec membership statistics, that means that about 1 in every 3 Canadians is a member of a credit union or a caisse populaire.

The Credit Union system is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and 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.

Contact:
Veronica Feldcamp
Director, Trade Association Services
Tel: (May 8) 416-434-8777
Tel: (after May 8) 416-232-3417