XN000022-1992-10-18 — Page 3

SUNDAY, OCTOBER 18, 1992

CREDIT UNIONS CONTRIBUTE MUCH TO COMMUNITY

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CREDIT UNIONS HAVE MADE SIGNIFICANT CONTRIBUTIONS TO THE LOCAL COMMUNITY, BOTH SOCIALLY AND ECONOMICALLY, THE DIRECTOR OF AGRICULTURE AND FISHERIES, DR LAWRENCE LEE, SAID TODAY (SUNDAY).

DR LEE SAID THIS WHEN ADDRESSING THE ANNIVERSARY BANQUET OF

THE INTERNATIONAL CREDIT UNION DAY IN THE TERRITORY.

AS REGISTRAR OF HONG KONG'S CREDIT UNIONS, DR LEE SAID HE WAS VERY PROUD TO WITNESS THE CONTINUING STRENGTH OF THE MOVEMENT SINCE ITS INCEPTION IN 1964.

"THERE ARE NOW 67 CREDIT UNIONS SERVING NEARLY 40,000 MEMBERS REPRESENTING A WIDE CROSS SECTION OF THE COMMUNITY AND HAVING A TOTAL COMBINED SAVINGS OF SOME $269 MILLION.

THE SAVINGS HAD BEEN PROFITABLY EMPLOYED BY CREDIT UNIONS то GRANT LOANS AT LOW INTEREST RATES TO NEEDY MEMBERS, HE SAID.

EACH YEAR, DR LEE STRESSED, THE CELEBRATION OF THE INTERNATIONAL CREDIT UNION DAY WAS A SPECIAL OCCASION то CALL ATTENTION TO, BOTH WITHIN AND OUTSIDE THE CREDIT UNION MOVEMENT, THE IMPACT OF THESE FINANCIAL ORGANISATIONS ON THE LIFE OF THEIR MEMBERS NOT ONLY IN HONG KONG BUT ALSO MILLIONS OF PEOPLE IN OTHER PARTS OF THE WORLD.

"THIS ALSO ENABLES PEOPLE TO HONOUR THE ACHIEVEMENTS OF MANY PIONEERS WHO FOUNDED CREDIT UNIONS AND OF THEIR SERVICE GROUPS OVER THE PAST 150 YEARS.

"TODAY, IT IS A GOOD TIME TO PAY TRIBUTE TO ALL THOSE WHO HAVE HELPED IN ONE WAY OR THE OTHER IN ORGANISING NEW CREDIT UNIONS OR IN SUSTAINING AND DEVELOPING EXISTING UNIONS.

"

DR LEE ALSO SAID CREDIT UNIONS IN HONG KONG COULD NOT HAVE GIVEN SUCH ECONOMIC HELP TO THEIR MEMBERS

IF IT WERE NOT FOR THE SPECIAL DEDICATION OF SOME 1,000 VOLUNTEERS WHO HAD BEEN SERVING THE UNIONS' BOARD OF DIRECTORS, SUPERVISORY COMMITTEES, CREDIT COMMITTEES AND EDUCATION COMMITTEES.

HOWEVER, HE BELIEVED THE REAL STRENGTH AND LASTING SUCCESS MUST COME, NOT ONLY FROM THE VOLUNTEERS, BUT ALSO FROM THE MEMBERS OF CREDIT UNIONS.

A CREDIT UNION WAS A SELF HELP

ORGANISATION, AND EACH OF ITS MEMBERS MUST BE PREPARED TO OFFER HIS OR HER SERVICES WHEN BEING ELECTED OR CALLED UPON TO DO SO, HE SAID.

"THIS MEANS THAT EACH MEMBER MUST LEARN ΤΟ ACQUIRE AN IN- DEPTH UNDERSTANDING OF THE VALUES AND VIRTUES OF THE CREDIT UNION CONCEPT, THE REGISTERED BY-LAWS, THE CREDIT UNIONS ORDINANCE AND THE BENEFITS OF BELONGING ΤΟ A CO-OPERATIVE MOVEMENT ESTABLISHED AND PRACTISED WORLDWIDE, HE ADDED.

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