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October 30, 2001
During the official opening of CUDGC offices in Marystown, the Honourable Minister Walter Noel, Minister of the Department of Government Services and Lands announces increased deposit insurance limits. Government has increased the insurance on credit union deposits from $60,000 per type of account to $250,000 per type of account.
The minister made the announcement during the official opening of new offices of the Credit Union Deposit Guarantee Corporation located in Marystown. Speaking at the official opening, Mr. Noel said: "Today is a banner day. We are opening a new office in Marystown, we are strengthening the credit union system, and we are acknowledging the energy, ingenuity and entrepreneurship of the thousands of Newfoundlanders and Labradorians who are involved in the credit union movement."
The Credit Union Deposit Guarantee Corporation was established in 1991 to provide deposit protection for credit union members throughout the province.
Prior to today's announcement, 84.5 per cent of deposits were protected. Now, close to 100 per cent will be protected.
The minister said, "The people of Newfoundland and Labrador have long depended on the credit unions of the province to supply them with the financial services they have needed. By raising the limit for insured credit union deposits, we have put in place an insurance system that is more comprehensive than that currently offered by the Canada Deposit Insurance Corporation."
The new deposit insurance takes effect immediately.
Contact:
Rick Callahan
Director of Communications
(709) 729-4860
Copyright © 2003 — Credit Union Deposit Guarantee Corporation
This page was modified on June 26, 2003. Today is July 3, 2008.
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