Mr. Chair, ladies and gentlemen of the committee, thank you for the opportunity to speak to you today. My name is Brigitte Goulard. I am the vice-president of policy with the Credit Union Central of Canada. I would like to introduce you to my colleague, Mr. Douglas Whalen, director of payments policy.
Before addressing the issue, allow me to begin by making a few preliminary remarks regarding the role of Canadian Central and, more generally, the credit union system in Canada.
Canadian Central is a federally regulated financial institution that operates as a national trade association and finance facility for its owners, the provincial credit union centrals, and, through them, for approximately 440 affiliated credit unions across Canada. With over 1,700 branches serving more than five million members, and over 24,000 employees, and holding more than $114 billion in assets, credit unions represent an important component of the Canadian economy.
Although the global economic downturn experienced since the latter half of 2008 continues to present challenges for credit unions and their members, we are pleased to report that our performance for 2008 will go on the record as one of the most successful years ever for the Canadian credit union system. Our financial position remains strong, and we have maintained our share of the market, in step with growth of the Canadian population.
Credit unions in Canada come in all shapes and sizes and operate in almost every community. Actually, in more than 300 communities in Canada, the only financial institution in town is a credit union. Credit unions are the first choice of a significant percentage of the population. In fact, one in three Canadians are members of credit unions and caisses populaires. We believe these numbers reflect the strong cooperative values of the system and the commitment of the system to the economic development of their communities.
Charitable donations, employee participation in worthwhile causes, and scholarships and bursaries are all part of the contribution that Canadian credit unions make every day. In fact, in 2007, the Canadian credit union community's involvement reached $35.8 million.
Let us now turn to the issue that brings us here before you today: credit card interchange fees and the debit payment system in Canada.
I will now turn to my colleague, Douglas Whalen, to speak to that issue.