The Canadian credit union system enjoyed double-digit increases in assets, deposits and loans in 2005, Credit Union Central of Canada reported today.

The assets of credit unions affiliated with Canadian Central increased to $87 billion at the end of 2005, up 10.8% from a year earlier. Deposits increased to $78 billion, up 10.8%, and loans were up 12.9% to $71.5 billion.

“The commitment credit unions demonstrate to member service and their communities is paying off with excellent results,” said David Phillips, Interim CEO of Canadian Central. “We look forward to continued growth.”

Due to mergers the number of credit unions declined by 32 during the year to 526. However, the number of locations operated by credit unions increased to 1,793, up from 1,783 a year earlier. Membership also increased to 4.9 million from 4.7 million.

The Credit Union Central of Canada functions as the credit union system’s national trade association and services provider.