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News Now

CU System
Manitoba CUs grew in 08 expect a tighter 09
MANITOBA, Canada (3/26/09)--Manitoba’s 48 credit unions experienced significant growth in 2008 despite the global economic crisis, but 2009 could be tighter. For the 12 months ended Dec. 31, credit unions in the province increased their assets by 11.9% to $14.4 billion; their loan portfolio by 14.7% to $12.1 billion; and their deposits by 11.5% to $13.4 billion--which marks the ninth consecutive year of double-digit growth (Winnipeg Free Press March 25). Because the province’s 182 credit union branches continued to attract deposits in 2008, they were able to lend money to members and businesses, Garth Manness, CEO, Credit Union Central of Manitoba, told the newspaper. “The [global] liquidity crisis meant most financial institutions were short of [lending capital] and had trouble financing lending,” Manness said. “Our credit unions had the liquidity to be able to meet lending demand.” However, the continuing economic downturn will likely temper credit union growth in 2009, Mannes told the paper. “It’s going to be a tighter year, but credit unions still have liquidity,” he said. “They’re still lending it out and they’re still attracting deposits.”
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