Another financial year is now upon us – without doubt one of the more difficult in recent times, considering the global economic conditions.
As with all businesses and financial institutions, ECU Australia has definitely been affected by the global economic crisis and our 2009 financial year profit will be lower than last year as a result of lower interest rates and margins. However, ECU Australia remains a stable and financially sound business and we will make a profit for the 2009 financial year. It will just be lower than we might have expected in more buoyant economic times.
Please don’t forget that all deposits in Australian financial institutions are now guaranteed (free up to $1million and for a cost above that) by the Federal Government. So ECU Australia and our Members have nothing to worry about – we can all just look forward to better economic times.
If you are experiencing economic pain,whether it’s within your personal or business finances, please talk to us. These conditions won’t last forever and in the meantime, it’s our job to help you by restructuring loans, assisting in refinancing and debt consolidation, or whatever else we can do to ease your financial difficulties.
On a brighter note, a warm welcome to staff and Members at our new Atherton branch. The branch opening on May 21 was part f our planned program of growth and expansion, and means we now have two branches close at hand for our Tableland Members – Atherton and Herberton. The official opening was a great success and I look forward to meeting more Members in coming months.
Until next time...
Brett
