Response Statement
2001-11-7
In response to a press report today, the following statement is issued on behalf of the ICAC Credit Union:
The ICAC Credit Union was formed by staff members on their own initiative under the Credit Unions Ordinance with the aim of promoting a habit of saving, as well as creating a source of credit available to members for emergency and productive purposes.
ICAC Credit Union President, John Roseburgh, said the loans were mainly made to members for the purpose of purchase of their properties, tax payments, house relocation and study and were usually repayable in less than 30 months.
As of July 31 2001, there were about 1,000 members and savings from members stood at $33.76 million while outstanding loans totaled $12.46 million.
Based on the spirit of mutual help, the Credit Union has made available loan facilities to members at a very favourable rate, which is at present 0.75 per cent a month on the outstanding balance.
"We offer one of the lowest interest rates, if not the lowest interest rate, amongst the credit unions in Hong Kong, which explains why we have attracted quite a number of loan applications," Mr Roseburgh said.
"We have a Credit Committee to carefully vet loan applications in order to ensure the applicants have a repayment ability and with a view to protecting members' interests. Where a member has financial problems the Credit Union will endeavour to assist in solving those problems," he said.
The ICAC Credit Union was formed by staff members on their own initiative under the Credit Unions Ordinance with the aim of promoting a habit of saving, as well as creating a source of credit available to members for emergency and productive purposes.
ICAC Credit Union President, John Roseburgh, said the loans were mainly made to members for the purpose of purchase of their properties, tax payments, house relocation and study and were usually repayable in less than 30 months.
As of July 31 2001, there were about 1,000 members and savings from members stood at $33.76 million while outstanding loans totaled $12.46 million.
Based on the spirit of mutual help, the Credit Union has made available loan facilities to members at a very favourable rate, which is at present 0.75 per cent a month on the outstanding balance.
"We offer one of the lowest interest rates, if not the lowest interest rate, amongst the credit unions in Hong Kong, which explains why we have attracted quite a number of loan applications," Mr Roseburgh said.
"We have a Credit Committee to carefully vet loan applications in order to ensure the applicants have a repayment ability and with a view to protecting members' interests. Where a member has financial problems the Credit Union will endeavour to assist in solving those problems," he said.