Mr. Speaker, I rise today to pay tribute to Canada's credit union system in advance of International Credit Union Day on October 15.
Member owned and democratically controlled, credit unions offer services that are determined by the needs of their entire membership. Credit unions help communities drive economic growth. Despite the economic downturn, they have maintained their strong financial position and continue to seek ways to enhance services to their members. This commitment to service is evident in more than 380 communities across Canada where credit unions are the sole financial institutions.
Outside Quebec, there are 497 credit unions and caisses populaires with over 1,700 locations serving more than five million people and managing assets in excess of $117 billion. When including Quebec caisses populaires, the total rises to 957, with one in three Canadians holding a credit union membership.
I extend my congratulations to all credit unions, vital components of Canada's economic and social life.