January 5, 2005

( Toronto , ON ) - Credit Union Central of Canada (Canadian Central) and the Canadian Co-operative Association (CCA) join in expressing condolences to all affected by the earthquake and the resulting tsunamis in Southeast Asia for the pain and loss they have suffered.

Canadian Central and the CCA are supportive of the appeal by the Canadian Red Cross to give as generously as possible. Donations are being accepted at many credit unions across the country in the name of the Canadian Red Cross and other relief organizations. Financial support to the Canadian Red Cross Tsunami and Earthquake Relief Effort will be used to provide relief and recovery for the most vulnerable people affected by the devastation . Canadians wishing to receive a 2004 tax credit for their donations are encouraged to donate before January 11, 2005.

Canadian credit unions began accepting donations as early as December 29, 2004. Many credit unions have reported that member/customer support of this financial relief effort has been very active.

The CCA has also been actively involved in relief efforts. Through the Co-operative Development Foundation of Canada (CDF), the fundraising arm of the CCA, an emergency appeal has been launched on behalf of CCA’s partner in Sri Lanka , the Federation of Thrift and Credit Co-operative Societies (SANASA).

With more than 8,000 primary credit unions, SANASA is a presence in virtually every Sri Lankan community including those hardest hit by the disaster. SANASA has mobilized its network and resources to respond to the needs of those communities – delivering food, water, medicine and other relief supplies, providing temporary shelter, burying the dead and comforting the living.

SANASA people are working day and night to save lives and rebuild communities, but they need financial resources if they are to succeed in this daunting task. The CDF is appealing for funds to support this effort. To help SANASA provide shelter and meet other needs please send your donation to: The Co-operative Development Foundation of Canada, 400-275 Bank Street , Ottawa , Ontario K2P 2L6 . Credit card donations are also accepted over the telephone (toll free) 1-866-266-7677 (ext. 215 or 222). Donations may also be made online at: www.cdfcanada.coop.

About the Credit Union System

A local credit union or caisse populaire is a financial co-operative, owned by its members, who are also customers. It is owned and controlled by the people it serves.

The credit union system’s 566* credit unions and caisses populaires have combined assets of almost $76 billion and serve more than 4.6 million members in all provinces except Quebec. Credit unions offer a full range of financial services, including savings and chequing accounts, online financial services, loans, RRSPs, RRIFs, RESPs, mortgages and investment opportunities. In addition, the credit union system includes affiliated organizations that offer trusteeship and financial intermediary services, insurance, and wealth management services. Credit Union Central of Canada functions as the system’s national trade association and central finance facility.

*All credit union statistics are as of the end of the third quarter, 2004.

About the Co-operative System

A co-operative is an organization owned by the members who use its services. Co-operatives can provide virtually any product or service, and can be either a non-profit or for-profit enterprise. Collectively there are over 10,000 co-operatives and credit unions in Canada providing products and services to over 10 million Canadians.

The Canadian Co-operative Association (CCA) is not-for-profit co-operative owned by its members. These members come from across the country and represent a broad range of economic and social activity, including finance, insurance, agri-food and supply, wholesale and retail, housing, health, and the service sector. CCA’s mission is to provide leadership to promote, unite, and develop co-operatives and credit unions for the benefit of people in Canada and around the world. CCA has been active in international development for over a quarter-century and currently operates 54 different co-operative and credit union projects in 27 countries.

For further information, contact either:

Ms. Lee Seymour,
Manager, Co-operative Development
Foundation of Canada,
(613) 238-6747 ext. 215

Veronica Feldcamp,
Director,
Credit Union Central of Canada
Phone: (416) 232-3417