Credit unions, also known as credit cooperatives, are organised as financial cooperatives which borrow from and provide finance to their members. Credit unions mainly lend for purposes other than housing.
In 2000-01, deposits made up 86.6% of liabilities for credit unions in Tasmania while amounts owing on loans made up 84.5% of assets. During the same period, total expenditure by credit unions in Tasmania was $68.2 million and total income was $74.6 million.
CREDIT UNIONS(a): LIABILITIES, ASSETS, EXPENDITURE AND INCOME, Tasmania
|
| 1998-99 | 1999-2000 | 2000-01 |
| | | |
| $m | $m | $m |
|
Liabilities | | | |
Share capital | - | - | - |
Reserves | 56.7 | 60.4 | 62.8 |
Deposits | 562.0 | 606.3 | 673.1 |
Loans | 20.0 | 12.7 | 17.1 |
Other liabilities | 23.1 | 26.3 | 24.6 |
Total liabilities | 661.8 | 705.7 | 777.6 |
| | | |
Assets | | | |
Amount owing on loans | 558.6 | 601.9 | 656.7 |
Cash on hand | 4.8 | 4.5 | 5.6 |
Deposits with banks | 4.2 | 0.2 | 8.6 |
Deposits with other | 50.6 | 64.8 | 64.0 |
Bills, bonds, etc. | 8.9 | 4.2 | 4.1 |
Physical assets | 16.2 | 17.3 | 18.3 |
Other assets | 18.5 | 12.8 | 20.3 |
Total assets | 661.8 | 705.7 | 777.6 |
| | | |
Expenditure | | | |
Interest on deposits | 17.1 | 19.1 | 23.8 |
Interest on loans | 0.8 | 1.8 | 1.5 |
Wages and salaries | 14.3 | 14.6 | 16.9 |
Administrative expenses | 6.6 | 6.8 | 7.0 |
Other expenses | 14.4 | 16.1 | 19.0 |
Total expenditure | 53.2 | 58.3 | 68.2 |
| | | |
Income | | | |
Interest from loans | 45.8 | 49.8 | 55.6 |
Interest from investments | 3.8 | 4.3 | 5.6 |
Other income | 10.7 | 12.8 | 13.4 |
Total income | 60.4 | 66.9 | 74.6 |
- nil or rounded to zero
(a) Credit unions, also known as credit cooperatives, are organised as financial cooperatives which borrow from and provide finance to their members. Credit unions mainly lend for purposes other than housing.
Source: Annual Statistics on Financial Institutions (cat. no. 5661.0.40.001) and Australian Prudential Regulation Authority (http://www.apra.gov.au). |