Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Australian CUs seek 1 billion super fund
AUSTRALIA (8/11/09)--More than 25 Australian credit unions are slated to meet this week with the Australian Prudential Regulation Authority to ask for a $1 billion liquidity fund. The fund, which would be called the Credit Union Mutual Fund, would offer interest-generating coupons to industry super funds. It would give credit unions an alternative source of funding to expand their market share in home lending--currently at 7%, said The Australian (Aug. 10). Credit unions rely on deposits from members as their main source of money. Banks in the country can raise money in the wholesale money market with government-backed guarantees, but credit unions cannot because they aren’t big enough to receive a credit rating, the newspaper said. Mark Genovese, Maritime Mining Power CU CEO, said the money in the fund would earn a return each quarter for the super funds. The money would be added to credit unions’ balance sheets and then lent to their members, he told the newspaper. Australia has 126 credit unions, with more than $70 billion in assets and 4.6 million members.


RSS print
News Now LiveWire
With 523 shots beyond the arc @utahjazz and @MountainAmerica raise over $31k for @Huntsmancancer http://t.co/kyBqVrxjBu
11 hours ago
.@MazumaCU "We believe we owe our members a smile. That's going to be our goal every day." http://t.co/se7iSBcA63 #CUDifference
13 hours ago
.@GoBankingRates survey: #creditunions offer stronger interest rates, shutting out banks again! http://t.co/DvoQ50eI4s
15 hours ago
Prize-linked savings such as @SaveToWinMI noted by @FoxBusiness http://t.co/PF0TJANbLM
15 hours ago
My (Maine) kingdom for a 'Spokester'! http://t.co/1LQgrBvl91 #creditunion #newsnow #storytomorrow
15 hours ago