(January 14 – 16:20 ET) – Ontario’s credit unions can now offer insurance coverage on member deposits up to $100,000. “Credit unions are Ontario’s financial institutions. We want to thank this government for implementing changes that will allow credit unions to be more competitive and more attractive to consumers,” said Jonathan Guss, President and CEO of Credit Union Central of Ontario, in a prepared statement.
In the May 1999 budget tabled by Finance Minister Ernie Eves, the Ontario government introduced a number of initiatives aimed at enhancing credit unions, he said.
Today’s announcement means credit union members’ deposits are insured up to $100,000 by the Deposit Insurance Corporation of Ontario, effective January 1, 2000. Deposits in federally regulated financial institutions are insured up to $60,000 by the Canadian Deposit Insurance Corporation (CDIC).
-IE Staff