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Number of Credit Unions in Canada

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OhOh CanadaCanada Eh!Eh! Lessons from your neighbours to the North Presented by Howard A. Bogach NACUSO CEO COLLABORATIVE MADISON WISCONSIN SEPTEMBER 14, 2006 AgendaAgenda ¾¾ OurOur MarketMarket PlacePlace ¾¾ GrowthGrowth ofof CreditCredit UnionsUnions inin CanadaCanada ¾¾ TaxationTaxation ¾¾ AreAre WeWe StillStill CreditCredit Unions?Unions? ¾¾ LookingLooking toto thethe futurefuture ¾¾ DialogueDialogue JustJust thethe factsfacts TheThe CanadianCanadian LandscapeLandscape ¾¾ DesjardinsDesjardins ¾¾ TheThe RestRest ofof CanadaCanada z CreditCredit UnionsUnions areare governedgoverned provinciallyprovincially z CentralsCentrals areare governedgoverned bothboth provinciallyprovincially andand federallyfederally z OperatingOperating rulesrules andand powerspowers varyvary provinceprovince toto provinceprovince andand reflectreflect historicalhistorical differencesdifferences WhatWhat isis aa Central?Central? ¾ OwnedOwned andand operatedoperated forfor thethe benefitbenefit ofof secondsecond tiertier membersmembers ¾ SystemSystem liquidityliquidity managermanager ¾ ProvidesProvides accessaccess toto thethe variousvarious paymentpayment systemssystems ¾ AggregatorAggregator forfor sharedshared servicesservices ¾ ConduitConduit forfor democracydemocracy ¾ TradeTrade AssociationAssociation ServicesServices z Communications z Government relations z Industry relations OurOur MarketMarket PlacePlace Credit Unions Banks & Caisses & Trusts Populaires Others Domestic Assets 81% 12% 7% Deposits 80% 14% 6% Consumer Credit 69% 7% 24% Residential Mortgages 61% 14% 25% BankBank PowerPower Market Share for Assets 2005 7% 7% 1% Credit Unions Caisses Populaires Trust Companies & Mortgage Loan Co.'s 85% Total Banks LandLand ofof thethe GiantsGiants Market Share for Assets 2005 6% 7% 7% 15% 1% 20% 14% Credit Unions Caisses Populaires Trust Companies & Mortgage Loan Co.'s Royal Bank C.I.B.C. Bank of Montreal 15% 15% ScotiaBank Toronto-Dominion National Bank GiantsGiants RuleRule Market Share for Deposits/Savings 2005 5% 8% 8% 17% 1% 19% 15% Credit Unions Caisses Populaires Trust Companies & Mortgage Loan Co.'s Royal Bank C.I.B.C. Bank of Montreal 13% 14% ScotiaBank Toronto-Dominion National Bank RetirementRetirement SavingsSavings Market Share for RRSP 2005 0% 9% 5% 5% 0% 22% Credit Unions Caisses Populaires Trust Companies Chartered Banks Investment Funds 59% Segregated Funds Canada Savings Bonds NotNot JustJust BigBig Net Income ($ Millions) 3500 3000 2500 2000 1500 1000 500 2005 2005 2003 2004 2005 2003 2004 2005 0 2003 2004 2005 2003 2004 2005 2003 2004 2003 2004 BMO BNS CIBC NBC RBC TD -500 DiversifiedDiversified IncomeIncome StreamsStreams 18000 Total Revenue ($ Millions) 16000 14000 12000 10000 8000 6000 4000 2000 2005 2003 2004 2005 2003 2004 2005 0 2003 2004 2005 2003 2004 2005 2003 2004 2005 2003 2004 BMO BNS CIBC NBC RBC TD net interest income other income NumberNumber ofof CreditCredit UnionsUnions inin CanadaCanada 1600 1400 1200 1000 800 600 400 200 0 1987 1997 2005 NumberNumber ofof CreditCredit UnionsUnions byby ProvinceProvince Source: CUCC statistics 900 BC 800 Alberta 700 600 Saskatchewan 500 Manitoba 400 Ontario 300 200 New Brunswick 100 Nova Scotia 0 PEI 1987 1997 2005 AverageAverage SizeSize ofof CreditCredit UnionsUnions byby ProvinceProvince:: 800 BC 700 Alberta 600 Saskatchewan 500 400 Manitoba 300 Ontario 200 New 100 Brunswick Nova Scotia 0 1987 1997 2005 PEI BCBC CreditCredit UnionsUnions movemove toto MortgagesMortgages (Source: authors graphs prepared from cu statistics in 1974 - $millions) $700 $600 $500 $400 $300 $200 $100 $0 1966 1967 1968 1969 1970 1971 1972 1973 Consumer Mortgages AssetsAssets ofof ProvincialProvincial CUCU Systems:Systems: 19871987 -- 20052005 40 BC 35 Alberta 30 Saskatchewan 25 20 Manitoba 15 Ontario 10 New 5 Brunswick Nova Scotia 0 1987 1997 2005 PEI BankingBanking PreferencesPreferences Canadians' Primary Method of Banking Other, 2% Combination of All, 4% ABMs, 34% In Person (teller), 29% Telephone Banking, 8% Online, 23% HowHow CanadiansCanadians PreferPrefer toto PayPay BillsBills Primary Means of Bill Payment Other, 1% Combination, 4% Cash, 2% Computer/online, Telephone 26% banking, 9% Automatic debit/credit card payment, 13% ABMs, 16% With a teller at a branch, 14% By cheque, 15% KeyKey ComparatorsComparators withwith BanksBanks Summary of Overall Performance Measures Overall Qualtiy of 78% Customer Service 66% Value for Money of 56% Products and Services Received 45% Would Recommend 74% Institution to Friends 60% and Family Institution Values 65% Customers' Business 45% 0% 20% 40% 60% 80% 100% Bank Customers Credit Union Customers NumberNumber ofof CreditCredit unionsunions:: ProjectedProjected inin 20132013 900 BC 800 Alberta 700 600 Saskatchewan 500 Manitoba 400 300 Ontario 200 New 100 Brunswick Nova Scotia 0 1987 1997 2005 2013 PEI Current Credit Union Province 4Q 2005 2Q 2005 Members Locations Rank 1 Vancouver City Savings Credit Union (1) BC $10,166,463,438 $8,495,329,220 337,107 48 2 Coast Capital Savings Credit Union BC 8,210,264,996 7,126,146,477 339,890 49 3 Meridian Credit Union ON 3,491,952,761 3,297,727,281 186,542 44 4 Capital City Savings AB 2,498,852,463 2,338,786,067 147,341 40 5 Envision Credit Union BC 2,408,983,757 2,230,180,514 78,795 19 6 Community Credit Union AB 2,065,319,063 1,827,478,855 101,627 27 7 Desjardins Credit Union ON 1,801,699,670 1,891,365,753 44,391 25 8 Steinbach Credit Union MB 1,765,326,971 1,680,821,343 62,535 2 9 Alterna Savings ON 1,731,116,156 1,698,673,382 163,825 25 Current Credit Union Province 4Q 2005 2Q 2005 MembersMembers LocationsLocations Rank 11 First Calgary Savings AB 1,531,123,694 1,458,895,969 80,690 15 12 Interior Savings Credit Union BC 1,460,106,311 1,369,840,037 82,082 21 13 Conexus Credit Union SK 1,433,687,917 1,408,094,872 82,657 28 14 Westminster Savings Credit Union BC 1,313,197,732 1,225,998,789 51,119 11 15 Coastal Community Credit Union BC 1,255,552,377 1,225,660,504 82,741 23 16 Common Wealth Credit Union AB 1,227,977,056 1,051,579,258 49,112 13 17 North Shore Credit Union BC 1,206,371,062 1,149,205,183 36,468 12 18 Cambrian Credit Union MB 1,126,813,071 1,059,964,779 49,217 11 19 Valley First Credit Union BC 971,699,416 990,125,732 44,073 15 20 St Willibrord Community ON 908,999,308 912,352,957 47,368 15 AverageAverage SizeSize ofof CreditCredit UnionsUnions byby provinceprovince:: 800 BC 700 Alberta 600 Saskatchewan 500 400 Manitoba 300 Ontario 200 New 100 Brunswick Nova Scotia 0 1987 1997 2005 PEI KeyKey ObservationsObservations 99 TopTop 2020 CreditCredit UnionsUnions areare allall RegionalRegional 99 WhileWhile RootsRoots maymay bebe tracedtraced toto ethnic/religious/workplaceethnic/religious/workplace –– mostmost havehave abandonedabandoned thatthat tracktrack DiversityDiversity CreditCredit UnionUnion AssetsAssets %% ofof SystemSystem AssetsAssets VanCityVanCity $10,166,463,438$10,166,463,438 10.89%10.89% CoastCoast CapitalCapital $8,210,264,996$8,210,264,996 8.80%8.80% CombinedCombined $18,376,728,434$18,376,728,434 19.69%19.69% TopTop 55 $26,776,517,415$26,776,517,415 28.69%28.69% TopTop 1010 $35,797,691,274$35,797,691,274 38.36%38.36% TopTop 1515 $42,791,359,305$42,791,359,305 45.85%45.85% TopTop 2020 $48,233,219,218$48,233,219,218 51.69%51.69% OtherOther 572572 $45,807,000,000$45,807,000,000 48.31%48.31% TaxationTaxation OutlineOutline ¾¾HistoryHistory ¾¾CanadianCanadian taxtax rulesrules ¾¾ImpactsImpacts onon creditcredit unionsunions HistoricalHistorical DevelopmentsDevelopments ¾¾CreditCredit UnionsUnions taxtax exemptexempt (1917)(1917) ¾¾McDougallMcDougall ReportReport (1945)(1945) ¾¾CarterCarter CommissionCommission (1967)(1967) ¾¾ProposalsProposals forfor TaxTax ReformReform (1969)(1969) ¾¾TaxTax ReformReform (1972)(1972) CarterCarter CommissionCommission ¾¾CreditCredit UnionsUnions shouldshould notnot bebe exemptexempt ¾¾IncreasedIncreased scopescope ofof creditcredit unionunion operationsoperations ¾¾MeasurableMeasurable economiceconomic gaingain WhereWhere WeWe StandStand TodayToday ¾¾CanadianCanadian creditcredit unionsunions paypay manymany taxestaxes ¾¾TaxesTaxes budgetedbudgeted likelike operatingoperating expensesexpenses ¾¾CreditCredit UnionsUnions areare fullfull playersplayers inin thethe financialfinancial servicesservices industryindustry CreditCredit UnionUnion TaxTax RulesRules ¾¾LowerLower TaxTax RateRate ¾¾DeductDeduct paymentspayments toto membersmembers ¾¾FavourableFavourable capitalcapital taxtax rulesrules ¾¾DirectorsDirectors areare remuneratedremunerated LowLow TaxTax RateRate ¾¾16%16% onon firstfirst $400,000$400,000 incomeincome ¾¾16%16% upup toto 5%5% reservereserve ¾¾32%32% aboveabove 5%5% reservereserve OtherOther TaxationTaxation IssuesIssues ¾¾CapitalCapital taxestaxes ¾¾GoodsGoods && ServicesServices TaxTax (GST(GST oror VAT)VAT) SystemSystem EquityEquity // AssetsAssets (%)(%) 9 8 7 e 6 g a t 5 en c 4 3 Per 2 1 0 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 Year WhatWhat isis onon ourour horizonhorizon ¾ MoreMore mergersmergers ¾ LargeLarge CC UU’’ss flexingflexing theirtheir musclemuscle ¾ ConsolidationConsolidation ofof thethe tierstiers ¾ ExtraExtra--provincialprovincial CreditCredit UnionsUnions ¾ NewNew competitorscompetitors –– DifferentDifferent BusinessBusiness ModelsModels z ING z PC Financial ¾ ChipChip CardsCards GroupGroup ofof LargeLarge CreditCredit UnionsUnions ¾¾ PushingPushing CentralsCentrals toto mergemerge ¾¾ PushingPushing forfor federalfederal legislationlegislation ¾¾ CircumventingCircumventing democracydemocracy EMVEMV ChipChip
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