Restructuring system liquidity for the benefit of the credit union system
One of our core initiatives in 2020 was to restructure liquidity management for the benefit of Class A members. We successfully delivered on this commitment to transition overall liquidity management within B.C. and Ontario credit unions from a deposit structure to an investment structure.
This once in a generation shift for the credit union system in B.C. and Ontario was a complex project to complete in one year – especially during a pandemic.
- Transform overall liquidity management within B.C. and Ontario credit unions from a deposit structure to an investment structure.
- Engage and support members every step of the way and chart the path to long-term stability and success.
- Complete the MLP transition within one year — on January 1, 2021 — despite the challenging timetable.
In parallel with MLP segregation, Central 1 developed and delivered, in partnership with Credential Qtrade Securities Inc., the Asset Management Services to assist credit unions in managing their portfolios of securities post-MLP segregation. The initial uptake was strong with approximately 90 per cent of our members selecting the service.
Central 1, together with our credit union members and in collaboration with our regulators, achieved a significant milestone for the credit union system in B.C. and Ontario.
We are stronger together. We clearly see how collaboration, scale and expertise is the source of Central 1 and the credit union system’s competitive advantage.