News Video | Policy | GPs | Hospitals | Medical | Mental Health | Welfare | Search

 


Credit Unions Step Into Financial Breach

Community credit unions are stepping into the breach as banks continue to close branches in rural areas and turn low-income customers away, a spokesperson for the credit union movement says.

Speaking on the eve of International Credit Union Day (October 19), the chief executive of the New Zealand Association of Credit Unions, Doug McLaren, said credit unions offered increasing numbers of people their only option for financial services.

“The movement is a growing force in New Zealand, with close to 200,000 members which represents a 30 percent increase in ten years. One of the reasons we're growing is that traditional banks are quietly withdrawing from significant sectors of the market," he said.

"Many of our members, including a substantial number of beneficiaries, have been turned away by banks because they have the wrong socio-economic profile, or else live in the wrong place and their local bank branch has simply closed its doors."

Because they had a different philosophy, he said, credit unions on the other hand were happy to provide a service to these people.

"Credit unions work on a completely different set of principles to banks. In New Zealand, as throughout the world, the credit union movement is member owned, and working in a co-operative, not for profit, spirit.

"So, while banks see the poor as problem customers, we see them as people who need a hand to help them get on their feet.

"The motivation for credit unions in New Zealand is the same as elsewhere - by working together, the members are able to achieve a better life for themselves and for their communities."

Worldwide, credit unions operate in 85 countries with over 100 million members.

ends


For more information contact:

Doug McLaren
Chief Executive
New Zealand Association of Credit Unions
tel 09 309 9551
fax 09 309 9571

© Scoop Media

 
 
 
 
 
Culture Headlines | Health Headlines | Education Headlines

 

Electronica: Restoring The World’s First Recorded Computer Music

University of Canterbury Distinguished Professor Jack Copeland and UC alumni and composer Jason Long have restored the earliest known recording of computer-generated music, created more than 65 years ago using programming techniques devised by Alan Turing. More>>

ALSO:

Scoop Review Of Books: Almost Getting Away With Murder

The Black Widow by Lee-Anne Cartier: Lee-Anne Cartier is the sister of the Christchurch man found to have been murdered by his wife, Helen Milner, after an initial assumption by police that his death, in 2009, was suicide. More>>

Howard Davis: Triple Echo - The Malevich/Reinhardt/Hotere Nexus

Howard Davis: The current juxtaposition of works by Ralph Hotere and Ad Reinhardt at Te Papa perfectly exemplifies Jean Michel Massing's preoccupation with the transmigration of imagery in a remarkable triple echo effect... More>>

Scoop Review Of Books: Nō Tāu Manawa

Vaughan Rapatahana responds to Fale Aitu | Spirit House by Tusiata Avi: "fa’afetai Tusiata, fa’afetai, / you’ve swerved & served us a masterclass corpus / through graft / of tears & fears..." More>>

9 Golds - 21 Medals: NZ Team Celebrates As Rio 2016 Paralympic Games Close

The entire New Zealand Paralympic Team, led by kiwi sprinter and double gold medallist Liam Malone as flag bearer, are on the bus to the Maracanã Stadium in Rio de Janeiro for the Closing Ceremony of the Rio 2016 Paralympic Games. There, they will celebrate the fantastic successes of the past 10 days. More>>

ALSO:

New Zealand Improv Festival: The Festival Of Moments To Return To The Capital

The eighth incarnation of the New Zealand Improv Festival comes to BATS Theatre this 4-8 October , with a stellar line-up of spontaneous theatre and instant comedy performed and directed by top improvisors from around New Zealand and the world. More>>

ALSO:

Get More From Scoop

 
 

LATEST HEADLINES

 
 
 
 
Health
Search Scoop  
 
 
Powered by Vodafone
NZ independent news