Columbia Journal - Quebec Credit Unions

Despite the ailing economy, Quebec's credit union system is apparently booming, and looking to expand.

The Des Jardains credit union network has posted a $14 million surplus in the last quarter and is looking to buy other companies and bring them under democratic control.

Reportedly, this is the first time in recent history that the credit union system has outperformed the banks in profits. The difference, Des Jardain reps say, is that the extra revenues will be shared equally among the members.

The Des Jardains is a cooperative network of local credit unions across the province of Quebec, and was started by the province's labour movement. It has maintained a close relationship with the unions and union members. It is also currently the largest credit union system in Canada.