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    2015-04-01

CREDS 3.1 Application, purpose and interpretation

Application

CREDS 3.1.1R

1This chapter applies to all credit unions.

Purpose

CREDS 3.1.2G
  1. (1)

    The rules and guidance contained in this chapter are designed to address risks that can arise from the structure of a credit union's balance sheet.

  2. (2)

    These risks include the risk that a credit union's income is not sufficiently large to cover its funding, operational and other costs, and the risk that a credit union may not be able to renew or replace wholesale funding at an affordable rate.

Interpretation

CREDS 3.1.3R

For the purposes of this chapter:

  1. (1)

    the maturity of a security or loan is the last or only date on which it will be repayable by or under its terms; and

  2. (2)

    surplus funds means funds not immediately required for a credit union's accepting deposits, lending and ancillary purposes.