Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Standard & Poor’s Confirm NZACU on Right Track

FOR IMMEDIATE RELEASE

29 November 2012

Standard & Poor’s Confirm NZACU on Right Track

International credit ratings agency, Standard & Poor’s, have affirmed the New Zealand Association of Credit Union’s (NZACU) rating as BB+ with a stable outlook, confirming that the overarching body for the country’s credit unions and mutual building societies is on the right strategic track, says NZACU Chief Executive, Henry Lynch.

“We have had two consecutive rating upgrades in two years, which was virtually unheard of” said Mr Lynch. “So a further stable review is very pleasing considering the current tough economic environment” said Mr Lynch.

Standard & Poor’s view was ‘supported by the association’s strategic positioning as a traditional member-owned service provider to its members, augmented by increasing contributions from its wholly owned subsidiary Credit Union Insurance Limited’.

“It’s a positive affirmation that our strategic plan is heading our organisation in the right direction and is further testament to fundamental strength of our cooperative based business model,” Mr Lynch said.

The NZACU represents 20 Member credit unions and 4 mutual building societies throughout the country, providing financial services to over 210,000 New Zealanders.

“Providing the best possible services and products to our Member organisations is at the core of all of our management decisions” says Lynch. “We work for the benefit of the mutual financial sector as a whole by providing value added products to enhance the economic well-being of their members.”

--

New Zealand Association of Credit Unions (NZACU):

Credit unions and mutual building societies are co-operatively owned financial service providers, providing their members with a similar range of services to a bank. Credit unions and building societies are all independently owned and operated by their members for their members, and any profits are returned to the members in a combination of ways i.e. fairer fees, interest rates and community involvement.

NZACU is the industry association for credit unions and building societies and exists to represent, promote and support its 24 Member credit unions and mutual building societies, providing cost-effective business services. NZACU's members employ over 550 staff, represent 210,000+ members, with more than 100 branches, assets of over $1.26 billion and collectively are the sixth largest financial transactor by volume in New Zealand.

The NZACU is a member of global trade association WOCCU, the World Council of Credit Unions, which represents over 188 million people in 100 countries across the globe. This international network operates under the vision: “Improving people's lives through credit unions” and promotes the sustainable development of credit unions and other financial cooperatives around the world.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news