Contrary to this, Bailey (2009) president of the ILCU states that the majority of credit unions were scrupulous in their approach to managing and distributing their credit. Thus it was estimated that 90 percent of ILCU affiliated credit unions would present a surplus in year end 2009. The reason behind this was that credit unions were actively managing their financial affairs in a “conservative and prudent manner to minimise exposure…in these difficult times” (Bailey, 2009).