| The history of Macquarie Credit Union Limited | |
| 1964 | Macquarie Credit Union was formed by electricity workers of Macquarie County Council in December. |
| 1967 | The rules of the credit union were changed to allow employees of Municipal Councils to join which further assisted the credit unions growth at the time. |
| 1972 | The rules of the credit union were changed again to allow employees of Hospitals within the Macquarie County Council area to become members. |
| 1974 | A merger with the Dubbo Municipal Council Employees Credit Union was completed. |
| 1980 | A merger with the Warren Shire Council Employees Credit Union was completed. |
| 1996 | The western area electricity departments were merged into Advance Energy which greatly increased the geographical area that we could attract members from. |
| 2001 | The Northern, Southern and Western NSW electricity departments were merged into Country Energy which again increased the geographical area that we could attract members from. In the same year we launched Country Energy Credit Union, (a division of Macquarie Credit Union) to further strengthen our ties with our founding electricity workers in NSW. |
| 2003 |
A merger with Dubbo Post-Tel Credit Union was completed which then broadened our membership base to Electricity, Council, Health, Post Office and Telstra employees in NSW. |
| 2011 |
The NSW State Government announced the sale of the electricity and gas retail business of Country Energy to Origin Energy along with the Country Energy name. The distribution network (poles and wires) in NSW that supply electricity to properties was renamed Essential Energy and remained NSW government-owned. The Credit Union launched the re-name of Country Energy Credit Union to Essential Energy Credit Union (a division of Macquarie Credit Union) to maintain our unique relationship and remain true to our founding electricity workers in NSW.
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The Credit Union Movement
World Council of Credit Union, Inc. Statistics 2010*
• Credit Unions are represented in 100 countries around the globe
• Number of Credit Unions worldwide - 52,945
• Number of Credit Union members - 188 million
Australian Credit Union Statistics*
• A large customer base with 4.6 million members, with 98 Credit Unions across Australia
• As a group, Credit Unions are the fifth largest deposit-taking force in Australia behind the big four banks, reaching 11.8% market share.
• Mutual structure means no tension between servicing members and external shareholders—members are the owners. Better placed than most to satisfy key needs of consumers, that is:
-Member focus Sense of community /belonging
-Honesty and integrity
-Guidance
-Simplicity
-Competitively priced
-Strong regional and rural focus
• Collectively, our sector has $83 billion in assets. Credit unions’ on-balance sheet assets* reached $56.6bn in June 2011, growing by 13.3% annually while mutual building societies’ on-balance sheet assets† grew by 11.5% and amounted to $26.4bn in the same period.
• Credit unions and mutual building societies are customer-owned – operating under the mutual principles of one member one vote, an equal share in the say of the credit union, and with the purpose of member and community benefit at the forefront of their operations.
*Abacus CUBS Facts Sheet – Oct 2011
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