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More CUs more members worldwide--WOCCU stats
MADISON, Wis. (7/10/09)--Credit unions worldwide are expanding at a steady pace, with more members being served by more credit unions in 2008 than in the previous year, according to the just-released World Council of Credit Unions’ (WOCCU) 2008 Statistical Report.
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Survey respondents from 97 countries reported that 53,689 credit unions served nearly 186 million members last year. In 2007, roughly 49,134 responding credit unions reported serving roughly 177 million members in the same number of countries. The number of credit unions responding to the survey grew 9% for 2008, while the number of members of those credit unions jumped by 5% compared with 2007 results published last year. First-time responses from Ethiopia and Haiti helped drive credit union and member growth in Africa and the Caribbean. Other areas of the world showed modest growth or slight declines in the number of credit unions. Global credit union assets in 2008 totaled $1.19 trillion, up from 2007 total of $1.18 trillion. Credit union savings worldwide last year reached $995.7 billion, also an increase from $987.9 billion in 2007. Loans worldwide dipped slightly to $847 billion in 2008 from $847.9 billion the previous year. “The 2008 results show us that credit unions worldwide are effectively weathering an economic storm that has had disastrous effects on some other financial sectors,“ said Pete Crear, WOCCU president/CEO. “Currency valuation changes in countries around the world may have tempered aggregate financial progress as reported in U.S. dollars, but growth in the number of institutions responding this year tells us credit unions are alive and well, and on the path to serving an ever-increasing number of members,” Crear said. WOCCU has collected annual statistics on the international credit union movement for the past 36 years to produce its annual Statistical Report.
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