Central's primary financial responsibilities are to manage the provincial system's liquidity reserves, deliver central and investment banking services, provide payment and clearing services and facilitate electronic transaction services through development and delivery of online technology.
As the system's central banker, we act as the primary liquidity facility for our member/owners. BC credit unions are required to maintain liquidity reserves with Central equal to at least 10 percent of their aggregate deposit and other debt liabilities. The vast majority of deposits that credit unions do not use for retail lending are invested in, or are on deposit with, Central.
As a member of the Canadian Payments Association, we provide centralized cheque processing and other related payments services. Central also plays a key role delivery of electronic transaction services, ranging from Internet banking to bill payment.
As a commercial banker, Central offers a variety of funding services to credit unions, including short-and long-term loans to meet a range of financial requirements -- securiitization services and the buying and selling of mortgage pools, among others.
In addition, Central acts as trustee for credit union registered plans, manages Canada and B.C. Savings Bonds sales and administers the system's pension plan and benefits program.