Credit unions in the political spotlight 29 Aug 2014
Related articles
- NZ More Interested in All Whites than All Blacks Sport
- Australia Jumping on the Boy Bandwagon Living
- Brownlee Leads Aviation Mission To Shanghai News
- Environmental edge to Auckland’s RWC 2011 prep Sport
- Snow on The Remarkables Living
- Sludge Report #192: The Naked Budget Columns
- Licensing To Cut Out Cowboy Advisers Migration
- Government Widens Drought Assistance News
- Young People Take Over Parliament News
- Actions For Young Driver Safety Get Green Light News
29 August 2014
FOR IMMEDIATE RELEASE
Credit unions in the political spotlight
Dirty politics was put aside last night as senior politicians outlined their universal support for growing the cooperatively owned credit union and mutual building society sector in New Zealand.
The political panel event was hosted at The Langham Hotel, Auckland, by the New Zealand Association of Credit Unions (NZACU), the national body that represents credit unions and mutual building societies, and was attended by over 150 financial services industry business people.
Facilitated by leading political and economic commentator, Bernard Hickey, the political panel featured Minister of Commerce, the Hon Craig Foss; New Zealand First Leader, the Rt Hon Winston Peters; ACT party Leader Jamie Whyte; the Hon David Parker, Deputy Leader of the Labour Party, and Green Party List MP David Clendon.
The question posed to the politicians was ‘How should Government encourage the local co-op and community owned banking sector to have a stronger role in New Zealand society and the economy?’
“It was very reassuring to hear there is increased understanding and support from politicians around the importance of growing the locally owned cooperative credit union and mutual building society sector” said NZACU Chief Executive, Henry Lynch.
“The recent changes announced by the Hon Craig Foss to the Friendly Societies and Credit Unions Act 1982 were acknowledged by all parties as a positive step in the right direction to reduce cumbersome compliance constraints on our Members” Mr Lynch said.
“We believe the removal of the additional commercial trustee layer for our Members under the current Non-Bank Deposit Takers (NBDT) prudential supervision regime is the next logical step in reducing unnecessary compliance costs” said Mr Lynch.
“This issue was highlighted under the Reserve Bank of New Zealand’s recent review of the NBDT sector and we eagerly await the Minister of Finance’s decision on the matter.”
Cooperatively 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 have a long history of helping people from all walks of life sort out their money
worries and achieve better financial management.
“Credit unions and building societies provide a very important service in their local communities, and we hope the Government, however that is structured post-election, will continue to look at ways to help grow the sector.”
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 (www.nzacu.org.nz) 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 $1.4 billion and collectively are the sixth largest financial transactor by volume in New Zealand. NZACU also wholly own Credit Union Insurance Ltd (www.cui.co.nz), 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 (www.nz.coop), 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
ENDS
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more