Twenty-one years promoting thrift and prudence
The Hong Kong Police Credit Union (PCU), which was 21 years old on November 2, has seen membership grow from just over 2,500 in 1982 to more than 28,200 today.
Back in March 1981, a group of officers, led by the then Force Welfare Officer, Mr David Low, formed an organising committee to establish a police credit union. They spent eight months in research, discussions and drafting the by-laws before gaining registration as the Royal Hong Kong Police Credit Union. After the reunification, the 'Royal' prefix was dropped.
The Hong Kong Police Credit Union (PCU) is now the largest, and one of the best, Credit Union in Hong Kong. The objectives always were and still are to encourage thrift and promote prudent financial management among its members. It organises seminars for potential members to explain the advantages of saving money on a regular basis and earning a fair and reasonable dividend from their savings in return. Members have the added bonus of access to a variety of loan schemes, all of which are available at eminently fair and reasonable rates of interest.
Other than saving and loan options, the PCU also offers members Hospitalisation Benefit, Maternity Benefit and Education Award (either for the members or for their children). There is also an interest rebate scheme to encourage members to repay their loan on time and Emergency Relief Assistance for those whose homes sustain serious damage as a result of natural disasters or fire accidents.
Welfare Fund contributions over the last five years have risen from just under $500,000 in 1997 to just over $1.25 million in 2001. In the fiscal year 2001, PCU income amounted to $70 million. While 70% of this came from interest on loans, 22% came from interest on bank deposits and 8% from long-term investments. The Credit Committee, responsible for screening and approving loans, approved the release of $473 million in respect to more than 9,600 loan applications.
The PCU welcomes new members and urges anyone interested to attend one of the regular seminars held on the first Saturday of every month. For more information, please contact by telephone at 2399-7878, by fax at 2399-7833, by Email < info@hkpcu.org> or visit the Website <
http://www.hkpcu.org>
Police Credit Union: one of the biggest and best