WINNIPEG, Manitoba (March 22, 2018) — Leaders of Manitoba credit unions have gathered in Brandon for the annual convention of Manitoba credit unions and annual general meeting of Credit Union Central of Manitoba, Thursday and Friday.
The theme of this year’s convention is about being open to the unexpected and prepared to innovate in the face of challenges.
“The challenges are many,” says Credit Union Central of Manitoba CEO Garth Manness. Among them is the way credit unions are able to fund the technology and infrastructure that enable them to meet the needs of members, communities, regulators, and government.
“Credit unions are much different from their banking competitors, so they must operate extremely efficiently,” Manness says. While credit unions must rely on building up retained earnings, banks can issue shares on public exchanges when they need capital, and benefit from incentives like the capital gains deduction to grow capital.
“As co-operatives, credit unions rely almost exclusively on the business activity of providing services and lending within the community, and they have no offsetting tax measure,” Manness says.
Credit unions are the financial institution of choice for more than half of Manitoba small businesses, half of Manitobans outside Winnipeg and Brandon name a credit union as their primary financial institution, in 61 communities they are the sole financial institution available, and over 600,000 Manitobans have made the choice to belong to a credit union. They are key drivers of economic activity in communities throughout Manitoba – indeed, in the province as a whole.
“Financial services is a complex, competitive industry, and perhaps the most highly regulated one in Canada,” Manness says. “Yet, by working toward common solutions with their peers at the provincial, regional and national levels, and by working with governments that recognize their uniqueness and importance in the economy, credit unions have been and will continue to be able to react to its competitive pressures.”
“When credit unions succeed, all Manitobans share in their success.”
Manitoba Credit Unions at a Glance
|Dec 31 results||2017||2016||2007|
|Deposits||$26.04 billion||$24.97 billion||$12.0 billion|
|Loans||$24.60 billion||$22.89 billion||$10.6 billion|
|Assets||$28.62 billion||$27.21 billion||$12.9 billion|
|Equity||$1.89 billion||$1.75 billion||$767 million|
|Equity as a percentage of assets||6.59%||6.42%||5.95%|
|Credit Unions (March 2018)||30||34||54|
|Branches (March 2018)||183||182||180|
|Communities where a credit union is the only financial institution||61||61||65|
About Credit Union Central of Manitoba (CUCM) CUCM is the trade association and service provider for the province’s 30 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act. CUCM manages liquidity reserves, monitors credit-granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R & D and business consulting services to credit unions. Manitoba credit unions jointly own CUCM and representatives from six credit union peer groups sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
Media Contact John Hamilton, Manager, Knowledge Services & Communication Cell: 204-223-1976 Office: 204-985-4785