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Special Committee on Cooperatives committee Thank you, Mr. Chair and committee members, for inviting us to be part of this very important study into the current opportunities and challenges facing the cooperative sector in Canada. My name is Stephen Fitzpatrick. I'm the vice-president of corporate services and chief finan
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee From a lender's perspective as opposed to a co-op perspective, I think a lot of it relates to the same factors that make credit unions successful. They are locally owned. They are responsive to the members of their communities. They reflect the character of those communities. The
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee First of all, we do think it's a positive initiative. There are credit unions that are bursting at the seams in their local market, so having the opportunity to move into markets where they aren't as well represented now is an opportunity. As far as the level of understanding, I
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee I think they've sold their Ontario branches now to Meridian Credit Union—
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee —so they aren't.... Honestly, I'm not sure. I know that when they came in they purchased the branches of another credit union. I think for that arm they were operating under the Ontario rules, so they were really operating in two different regimes.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee Yes, they were.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee That's correct.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee In our case, the $140 billion in assets would be largely loans to members.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee Yes, for member-owned institutions, the assets are owned by the members.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee There are two entities in the credit union system: Central 1, as Mr. Wrobel referred to, and Concentra, which is based in Saskatchewan. They're both federally regulated, and they have both participated in the mortgage lending programs.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee I don't have the total number.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee It's less.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee I'm sorry, I don't mean to be flippant. No, we don't collect that kind of information.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee Within individual credit unions, they would have that information. But at a national level, we don't collect compensation totals on individual credit unions. We leave that to them.
July 10th, 2012Committee meeting
Stephen Fitzpatrick
Special Committee on Cooperatives committee Forgive me, but is the English interpretation available?
July 10th, 2012Committee meeting
Stephen Fitzpatrick