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


Credit Union Movement Receives Cooperative Awards

15 August 2014

Credit Union Movement Receives Cooperative Awards

New Zealand Association of Credit Unions (NZACU), the industry body that represents 22 cooperatively owned credit unions and mutual building societies throughout New Zealand, was recognised last night by Cooperative Business New Zealand at its inaugural Annual Service Awards event.

Held at the Novotel Ellerslie, Auckland, the awards dinner saw NZACU recognised for its 53 years’ service as a member owned cooperative, along with a number of other significant cooperative organisations.

“Cooperative businesses are very important contributors to the New Zealand economy, and we’re delighted to be recognised alongside such a prestigious collection of organisations with this award” said Henry Lynch, CEO of NZACU.

“Our Member credit unions and building societies serve over 200,000 New Zealanders and are worth over $1.3b in assets – that’s significant in itself” said Mr Lynch. “And when you look at the huge range of the other organisations that were recognised in the awards - from Interflora to Foodstuffs to Farmlands Co-op Society - you realise the significance of cooperative businesses model to the New Zealand economy”.

NZACU's Members employ over 550 staff, in more than 90 branches throughout the country, and collectively are the sixth largest financial transactor by volume in New Zealand.

One of those Member credit unions, NZCU Baywide, was also recognised at the awards dinner, for 43 years as a financial services cooperative serving the Hawke’s Bay and lower North Island.

“The cooperative business model is one that has stood the test of time, as can be seen by the wide range of long serving and thriving organisations represented at the awards ceremony” said NZCU Baywide Chief Executive, Gavin Earle. “It’s also a model that is perfectly poised to grow exponentially with the groundswell of modern social consciousness.”

Mr Lynch agreed, adding “Being cooperatively owned by New Zealanders also means that profits stay in the local economy, which is really important in the current financial climate.”

Independently owned and operated by their members for their members, credit unions and mutual building societies provide a wide range of financial services, like savings accounts, loans and insurance, and any profits are returned to the members in a combination of ways, such as fairer fees and interest rates with community involvement.

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 22 Member credit unions and building societies, providing cost-effective business services.

NZACU's members employ over 550 staff, represent 200,000+ members, with more than 90 branches, assets of over $1.3 billion and collectively are the sixth largest financial transactor by volume in New Zealand. NZACU also wholly own Credit Union Insurance Ltd (, a fully licensed insurance provider, under the Insurance (Prudential Supervision) Act 2010, with over 67,000 lives covered.

The NZACU is a member of global trade association WOCCU, the World Council of Credit Unions, which represents over 208 million people in 103 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 co-operatives around the world.

The NZACU is also a member of Cooperative Business New Zealand (, the industry body whose mission is “bringing together the country’s cooperative and mutual businesses to promote, encourage and support the co-operative and mutual business model, and act as the advocate for those engaged in co-operatives and mutuals.”

Collectively the mutual banking sector, including mutual banks, building societies and credit unions, represent more than $600 million in revenue per year with a number of these organisations among Cooperative Business New Zealand’s “Top 40” co-operative and mutual businesses (by revenue) and NZACU is ranked at number 28.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news