CUA in new mortgage-backed issue

Credit Union Australia will launch its second Harvey Trust Prime Residential Mortgage Backed Securities issue later this month seeking to raise about $300 million. CUA's first Prime RMBS issue raised $200 million in late 2002. CUA managing director Graham Olrich said CUA intends to be a frequent issuer of RMBS notes within the Australian capital markets. CUA is now Australia's largest credit union, with more than $1.9 billion in assets under management. CUA this year merged with Metropolitan Credit Union, won “Best Credit Union” at the Australian Banking & Finance Awards and purchased with two other credit unions 9 per cent of Mortgage Choice.