Organization Deposit institutions

Montréal – The Autorité des marchés financiers (AMF) today released the 2006 report on financial services cooperatives in Québec. The report notes that combined surplus earnings after patronage refunds fell from $784.2 million Combined data include data for the group in question, based on the adequacy of capital base guideline for financial services cooperatives, after elimination of balances and transactions among the group entities. in 2005 to $610.3 Combined data include data for the group in question, based on the adequacy of capital base guideline for financial services cooperatives, after elimination of balances and transactions among the group entities. million in 2006. The decline in earnings observed in 2005, which marked the end of a three-year growth period, continued in 2006.

The report, which was tabled today in the National Assembly by Minister of Finance Monique Jérôme-Forget, also indicates that the assets of Desjardins The main entities are the Fédération des caisses Desjardins du Québec and the Desjardins credit unions across Québec, the Caisse centrale Desjardins, MM Trust and MM2 Trust. entities were up 15.3% in 2006 to reach $108.3 billion Combined data include data for the group in question, based on the adequacy of capital base guideline for financial services cooperatives, after elimination of balances and transactions among the group entities. The main entities are the Fédération des caisses Desjardins du Québec and the Desjardins credit unions across Québec, the Caisse centrale Desjardins, MM Trust and MM2 Trust., compared with $93.9 billion the previous year. This increase was primarily due to growth in the securities sector and in personal residential loans. Securities grew by 66.6% The January 1, 2006 introduction of new accounting requirements led to the consolidation of investment companies that were variable interest entities (VIE), which in turn resulted in a combined balance sheet increase of $5.6 billion under “securities.” , from $10.6 billion in 2005 to $17.7 billion in 2006. As for personal loans, they rose 7.7% from $44.9 billion in 2005 to $48.4 billion last year.

The report also indicates that as at December 31, 2006, a total of 528 credit unions operated in Québec, all but one of which were part of a federation affiliated with Desjardins Group. This represented a decrease of 17 credit unions compared with the previous year. The only independent credit union was La Caisse des Mutuellistes, Épargne et Crédit.

The 2006 annual report on financial services cooperatives is available (in French only) on the AMF website.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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