About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
deposit rates

Credit Union Auckland seeks credit rating to protect reputation

Credit Union Auckland will seek a credit rating to protect its reputation, despite falling outside the criteria for the central bank's non-bank deposit takers' prudential regime.

Tuesday, 29 September 2009

by Paul McBeth

At its annual general meeting in Auckland this week, chairman Greg Carll said the cooperative will pursue a rating from one of the three approved agencies under the Reserve Bank's new regime, even though its deposits are below the $20 million threshold set by the regulator.

"To protect our position in the market, and secure the support of the investing public, our board is of the view that we should acquire a credit rating, and we are working towards that end," Carll said in a statement.

Carll welcomed policy makers' moves to "clean up unprofessional and unethical participants in the financial services industry," but said regulation has crept into areas of the sector that already operated with "integrity."

"Successive governments and bureaucrats have shown little interest in the cooperative sector and scant regard for a successful credit union movement," he said. "Too often we are lumped in with the broader finance company market and treated as though we were as bad as them."

He called for a relaxation of mounting regulations, saying the costs incurred for greater legislation was diminishing returns for the credit union's members.

The cooperative announced its operating surplus fell 3% to $625,307 for the 12 months ended June 30. Dividends paid to members rose 5% to $544,495.

"With a strong equity position and exceptionally good liquidity supported by our government guarantee, we offer a sound alternative in an uncertain financial services market," Carll said.

 

Commenting is closed

print

Printable version

print

Email to a friend
Newsletter Signup

Weekly Updates including news and commentary

Today's Best Bank Rates
Rabobank 0.75
Based on a $50,000 deposit    More Rates »
Today's Top 5 Deposit Rates
InstitutionRateProduct
NZCU Auckland 1.00 Success Saver
First Credit Union 0.75 Online Savings
Rabobank 0.75 Rabobank PremiumSaver - max rate
Heretaunga Building Society 0.60 On Call
NZCU Baywide 0.60 Success Saver
Based on a $50,000 deposit    More Rates »
Find a Rate
Show me the rates for
$
invested over
Use the full calculator
Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
BNZ 0.10 0.10 0.10
Heartland Bank 0.40 0.40 0.40
Kiwibank 0.05 - -
Kiwibank 0.25 - -
Nelson Building Society - - -
SBS Bank - - -
TSB Bank 0.25 0.25 0.26
Westpac 0.20 0.21 0.23
Westpac 0.05 0.05 0.05
Westpac 0.25 0.26 0.27

More »

Previous News
Latest Trends
Coming Soon
MORE »

Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.

© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.