Credit Union Services Corporation (CUSCAL), the peak industry body for the majority of Australia's credit unions, observed that yesterday's NO result in the Connect Credit Union demutualisation vote is an affirmation of the credit union mutual model and demonstrates that credit union members understand the value of credit union membership.

Credit union values are based on the principles of cooperation, moral integrity, trust, financial prudence, caring for members, and social responsibility. The NO result from today's vote is recognition of these core values and their role in providing benefit to credit union members and the community.

"Robust debate preceded this vote and the democratic process has delivered a strong vote in favour of the mutual structure," said John Gilbert, CUSCAL CEO.

"Credit unions offer a viable financial service alternative in our community. Many people feel disillusioned with banks and our credit unions provide a community-focussed alternative."

"In its 44 year history, Connect Credit Union has provided its membership with a wide range of financial services. We expect that following this vote Connect will continue to be a key financial service provider in Tasmania and maintain the superior service that helps define the credit union member proposition," said Mr Gilbert.

Peter Hansen

PR & Media Manager

Credit Union Services Corporation
t: 02-8299 9024

m: 0410 341 212