Credit Union Auckland is first CU to be guaranteed
25th Nov 08, 3:04pm
Credit Union Auckland has become the first credit union to be approved under the government Deposit Guarantee Scheme. Credit Union Auckland General Manager Rob Collins told interest.co.nz that they were "absolutely rapt" about being the first credit union to be included under the guarantee. "Certainly for us, a community based co-operative institution, it's a big step forward," Collins said. "In my view it puts us at the top tier of financial institutions. You can't go higher than having a government guarantee." Collins said that Credit Union Auckland had not experienced any redemptions during the time it took to be approved under the scheme, despite a few false starts with Treasury changing its mind on who could initially sign up. "We explained to people that we had put an application in." The inclusion of Credit Union Auckland into the guarantee took the total amount of approved institutions to 33.