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Asian Credit Unions Strong Despite Global Financial Crisis
| Asian Credit Unions Strong Despite Global Financial Crisis |
Asian Credit Unions have sidestepped the worst effects of the global financial crisis says Ranjith Hettiarachchi, CEO of the Asian Confederation of Credit Unions, a regional federation of 21,000 credit unions in 19 Asian countries.
"Credit union assets in Asia have grown by two percent since the crisis," says Mr. Hettiarachchi. "Our exposure is limited because over 80% of funds are generated internally through member share capital and savings."
CCA is helping ACCU apply quality control measures to strengthen its member credit unions. Mr. Hettiarachchi and CEOs from the Credit Union League of Thailand, the Nepal Federation of Savings and Credit Cooperative Unions Ltd., and the National Confederation of Cooperatives in the Philippines recently visited Canada to discuss regulatory frameworks and stabilization funds with representatives of Credit Union Central of Canada, Central 1 Credit Union, Alterna Savings, the Deposit Insurance Corporation of Ontario and the Financial Services Commission of Ontario.
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