Aotearoa Credit Union

* ACU's year-end financial information has been taken from unaudited accounts. This is because ACU's financial statements for the year ended 30 September 2018 have not been audited, which is in breach of the requirement for its financial statements to be audited and signed within three months of balance date. ACU has also advised its supervisor of... a breach of its minimum capital ratio. The financial years of ACU and Credit Union Central end after the other Transferring Credit Unions and Credit Union Baywide, and therefore their year end financial information is stated as at a later date than those other entities, i.e. it is stated as at 30 September 2018 rather than 30 June 2018. Since 30 September 2018, ACU's financial position has deteriorated due to continuing losses. ACU made an operating loss of $54,767 for October 2018, an operating loss of $61,438 for November 2018 and an operating loss of $126,703 for December 2018. Since 30 September 2018, ACU has been in breach of its minimum capital ratio of 11% under its Trust Deed. ACU calculates its capital ratio as at 1 December 2018 to be 3.4%. This means that as from 30 September 2018 ACU is also in breach of the requirement to have its credit worthiness assessed by an approved rating agency, because ACU does not have a credit rating and its breach of its minimum capital ratio means that it is also no longer entitled to rely on an exemption it previously had from the requirement to have a credit rating. The above breaches mean that ACU is also in breach of section 32 (requirement for minimum capital) and section 23 (requirement to have a current credit rating) of the Non-bank Deposit Takers Act 2013.Read More