“The bottom line is, BDCU is not exposed to the same vulnerabilities that an organisation involved in sub-prime lending would be. BDCU does not do sub-prime lending,” BDCU spokesperson Ross Stone said.

“Nor do we invest in securities based on sub-prime loans.”

Mr Stone said local institutions were receiving enquiries from customers about to the safety of their funds.

“Member-owned credit unions are not under the same pressure as listed entities to take risks to maximise stock holder profit,” he said.

“BDCU has always maintained a conservative approach to lending and the manner in which it conducts its business.

“People may be feeling nervous about the state of the share market and the many reports of corporate failure overseas.”

For the full story see the Southern Highland News, Wednesday, September 24

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