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Australian CUs seek 1 billion super fund
AUSTRALIA (8/11/09)--More than 25 Australian credit unions are slated to meet this week with the Australian Prudential Regulation Authority to ask for a $1 billion liquidity fund. The fund, which would be called the Credit Union Mutual Fund, would offer interest-generating coupons to industry super funds. It would give credit unions an alternative source of funding to expand their market share in home lending--currently at 7%, said The Australian (Aug. 10). Credit unions rely on deposits from members as their main source of money. Banks in the country can raise money in the wholesale money market with government-backed guarantees, but credit unions cannot because they aren’t big enough to receive a credit rating, the newspaper said. Mark Genovese, Maritime Mining Power CU CEO, said the money in the fund would earn a return each quarter for the super funds. The money would be added to credit unions’ balance sheets and then lent to their members, he told the newspaper. Australia has 126 credit unions, with more than $70 billion in assets and 4.6 million members.


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