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Given what I am sure you are reading, hearing, and seeing on various media commentary on the current tumultuous state of the global markets, I wanted to assure you that Your Neighbourhood Credit Union (YNCU) is well positioned to weather these times. 

As stewards of our members' assets, YNCU has always taken a financially prudent approach to both lending and investing (please review the annual reports we have posted on the website). YNCU does not hold any asset-backed commercial paper (ABCP), and we are poised to declare another profit for the 2008 fiscal year.

Some facts on YNCU:

YNCU is well capitalized as our capital as a percentage of total assets is over the policy and regulatory limits.

YNCU is very liquid as our total liquidity rate is over the policy and regulatory ranges. 

YNCU total asset growth annualized is currently over our targets.

YNCU deposit growth annualized is currently over our targets.

Some facts of the Canadian banking system:

The Canadian banking system is fundamentally different and is very stable; the credit underwriting is extremely prudent and strong; Canadian financial institutions are much better capitalized; and the regulatory oversight is robust and very visible. 

However, given the fact that the world economy is so inter-related and the fact that the US is Canada’s biggest trading partner, the Canadian economy will feel the effects of this global financial crisis. Our economy will adjust as the markets react and our credit union will get through this in good shape.

Again rest assured that:

1. your deposits are safe and sound as YNCU is financially healthy, and that you have the added advantage of deposit protection through the Deposit Insurance Corporation of Ontario (www.dico.com);
2. we are liquid and will continue to underwrite loans in all areas of lending, including retail, commercial, and agricultural;
3. we are still focused on a growth strategy;
4. we still have among the best rates in the market, both on the deposit and lending side;
5. our fee structure remains extremely competitive; and
6. the markets where we have branches are relatively stable which will augur well for sustainability and growth.

This is your credit union, and I want you to feel comfortable that your assets are well-managed and secure. Please don't hesitate to call or visit your branch if you have questions, or contact me directly at TalktoKerry@yncu.com. Let me know what matters most to you, because that's what matters most to me.

 

Cordially,

Kerry