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About: Teachers' Credit Society     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : dbo:Organisation, within Data Space : dbpedia.org associated with source document(s)

Type: Thingcompanyschema:BankOrCreditUnionschema:Organizationdul:Agentdul:SocialPersonagentwikidata:Q24229398OrganizationBusiness enterprisebankorganisation New Facet based on Instances of this Class

The Teachers' Credit Society (TCS) was a credit union founded in 1971 best known for its part in the WA Inc scandal of 1987. Over the 16 years it operated, the TCS grew from a 300-member society into the largest credit union in Australia, with 40,000 members and A$550 million on deposit and millions out on loans. The TCS was considered one of the major driving forces behind the 1980s "debt-funded boom" in Western Australia (WA) and its collapse, along with the collapse of several other large corporations within WA such as Qintex, Bond Corporation and The Bell Group, triggered an economic recession in the state.