COVID-19

Central 1 is here to support you

Like all of you, our team at Central 1 has been closely monitoring the evolving situation around COVID-19. The health and well-being of our employees, members, clients, and communities are top priority for Central 1.​

We are confident in our ability to ensure all critical functions continue to operate with limited disruption to Central 1, our customers and the credit union system, and we will continue to monitor the situation and evolve our plans as needed.​

Screen Shot 2020-04-23 at 12.26.18 PM
Posted on May 21, 2020
   
Presentation by Helmut Pastrick, Chief Economist, Central 1 Credit Union
Screen Shot 2020-04-30 at 3.30.01 PM
Posted on April 30, 2020
   
Our MemberDirect® and Forge digital banking platforms have processed over $230 million in loans, and thousands of small business applications, through the Canada Emergency Business Account (CEBA) program.
markmomentumepic-01
Posted on April 21, 2020
   
Without a doubt, we are experiencing an unfamiliar moment in time as we navigate the health and economic crisis facing our communities. Over the past few weeks, our organization has seen a significant increase in the number of requests to build and offer new tools and supports for you, in order to provide your members and customers with access to important government programs, like CEBA. We recognize that timelines are tight, and the information is evolving quickly.
Canadian dollars on wooden table
Posted on April 15, 2020
   
The main interest in the Bank of Canada’s rate announcement was not the rate announcement itself (it held the rate steady at 0.25 per cent) but rather its new economic forecasts for Canada. The Bank has initiated two emergency rate cuts in the past month in response to the COVID-19 pandemic and its impact on the economy.
interest rate
Posted on April 7, 2020
   
• Early signs of economic recession evident
• Unprecedented economic hit unfolding
• Pandemic measures to shape economy’s path
• Ultra low Bank of Canada policy rate sticks through 2021
house and key with Calculator on wooden background
Posted on April 6, 2020
   
Central 1 successfully completed our first Insured Mortgage Purchase Program (IMPP) transaction on March 31, 2020 in the program’s first transaction.
Canada High Resolution Emergency Concept
Posted on March 31, 2020
   
Federal government aid to support businesses and households amidst COVID-19 fallout. The federal government expanded support for businesses in a big way yesterday by vastly expanding the Canada Emergency Wage Subsidy program.
Canada economy fiscal money trade concept illustration of financial banking budget with flag map and currency vector
Posted on March 27, 2020
   
A short, sharp, and severe recession is coming to the global economy and Canada due to the COVID-19 pandemic shock event. This recession is unlike any seen in the post-war era, or indeed, the past century.
Calculator and Canadian dollars, on wooden table
Posted on March 24, 2020
   
As a primary liquidity provider to the system, Central 1 manages our portfolio to ensure it has appropriate levels of liquidity to support the system during times of stress. We are well-positioned to support you and have a number of treasury programs to help you navigate these highly unusual times. Our Treasury team is closely monitoring financial markets and the broader economy, as well as the potential impact to the credit union system.
Screen Shot 2020-05-22 at 10.49.20 AM
Posted on May 6, 2020
   
Like the majority of my Central 1 colleagues (and workforces right across the globe), I’ve spent the past eight weeks becoming accustomed to the ‘new normal’ brought about by the COVID-19 pandemic. 
Blog Post Image
Posted on April 29, 2020
   
B.C. GDP to contract 7.3 per cent in 2020 as COVID-19 effects and government containment measures stem the health crisis, but freezes economic activity.
Screen Shot 2020-04-23 at 12.26.18 PM
Posted on April 17-21 2020
   
Central 1 is proud to have the industry’s most respected economists working for us. First is Chief Economist, Helmut Pastrick, Edgard Navarrete, and Bryan Yu. Together, they make a well-balanced team that closely monitors and analyzes economic trends and conditions that affect your business.
markmomentumepic-01
Posted on April 14, 2020
   
For several weeks now, we have been navigating the many challenges facing our industry. As this pandemic evolves, we will continue our efforts to be responsive to your needs, whether through our core services, or in helping you develop new tools and resources to support your members and customers access important financial programs. 
markmomentumepic-01
Posted on April 6, 2020
   
This week, our team has been working on several initiatives to help provide your members and clients with the ability to access important benefits, while at the same time supporting those of you who are reviewing and employing liquidity strategies
Depositphotos_223264614_s-2019
Posted on April 6, 2020
   
As a primary liquidity provider to the credit union system, Central 1 manages our portfolio to ensure we have appropriate levels of liquidity to support the system during times of stress. This ensures we are able to continually offer our programs when our members and clients need them the most.
markmomentumepic-01
Posted on March 30, 2020
   
So much has happened in the last week. I hope you are safe, healthy and managing as best you can. I want to commend you for the incredible adjustments you have made to your organizations in order to support your employees, members and customers.
Screen Shot 2020-03-30 at 10.53.29 AM
Posted on March 27, 2020
   
With the evolving situation around COVID-19, Central 1 is well-positioned to support you in meeting your reporting and analytical needs for IFRS 9.

Central 1’s IFRS 9 Platform is a loan loss model that provides modelling capabilities in addition to pre-formatted and populated reports to support your regulatory and financial statement disclosures.

treasurypic-01
Posted on March 19, 2020
   
These are unprecedented and challenging times for everyone, and the health and well-being of our employees, members, clients, and communities are a top priority for Central 1. We are confident in our ability to maintain essential products and services, and to protect our critical business functions with limited disruption to Central 1, our credit union system and our clients.With the evolving situation around COVID-19, we want to provide assurances that Central 1 is well-positioned to support your needs and reinforce all of the treasury programs available to support your organization as you navigate these highly unusual times.
mone2-01
 

Posted on March 18, 2020

Global economy in uncharted waters, authorities act to stem downturn

The global economy is in uncharted territory as the direct shock and efforts to stem the effects of the Covid-19 pandemic has pushed economy into a recession. Initial hopes that massive containment measures by Chinese authorities would isolate the virus within China’s Hebei region and within the country have proven optimistic.

markmomentumepic-01
memberforum

 

Posted on March 17, 2020

Member Forum cancelled; AGM will be virtual.

This is an unprecedented time in Canada – and in the world – where issues and challenges are developing on an almost daily, if not hourly, basis. Like all of you, our team at Central 1 has been closely monitoring the evolving situation around COVID-19.

Who do I contact if I need assistance or more information?

If you have any general questions or comments, please reach out directly to your client relationship manager​ or Member Relations​.

Client Support Services

Client Support Services staff are accessible 24 hours per day, 7 days per week, 365 days per year in support of our incident management processes. To contact us please call 1.888.889.7878 for assistance.