Monday, March 22, 2010

Manitoba's credit unions oblivious to downturn

While commercial banks around the world are in dire straits, their cooperative cousins, at least in Manitoba, are doing just fine, thank you very much:

Somebody forgot to tell Manitoba's credit union system about the economic downturn.

The province's 44 credit unions posted double-digit and near-double-digit returns across their major indicators in 2009 -- deposits were up 10.5 per cent to about $15.9 billion, loans increased 11 per cent to about $13.5 billion and assets jumped 9.8 per cent to about $15.9 billion.

From the Winnipeg Free Press.

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