Hong Kong CUs' Milestones Highlighted by WOCCU at League's Annual Meeting

MADISON, Wis. – WOCCU was on hand to join in the highlighting of several milestones trumpeted at the Credit Union League of Hong Kong’s recent annual general meeting. WOCCU Board Chairman Bobby McVeigh praised the league for its performance in 2003, which increased credit union membership in Asia and increased total share balance by 27%. He also congratulated the league’s initiative in accepting time deposits for the first time in 2003, which accounted for $81 million in its inaugural year. The league has also been instrumental in local and overseas training courses and continued involvement in legislative measures to make credit unions more accessible throughout Asia, McVeigh said. “Four out of five people in the world community don’t have access to safe, sound financial services. they use loan sharks, moneylenders and payday lenders.at interest rates of 150% to 1000%, McVeigh told attendees. “Everyone should have the right to safe, sound financial services,” and that credit unions exist to fulfill the role left vacant by other financial institutions so that they can “help people help themselves.” League President Charles Yip was also commended for his leadership and for bringing the league back as a full, rather than an associate members of WOCCU and have direct membership and seats on its board.