Hurmu Credit Union
| Industry | Banking and Finance |
|---|---|
| Founded | 1719 AN |
| Defunct | 1720 AN |
| Headquarters | Huyenkula, Hurmu |
Hurmu Credit UnionThe Hurmu Credit Union was established by executive decree on 10.VI.1719 AN by the Minister of Finance and Economic Affairs (Hurmu), Ürimbay Bayböri, to finance the operations of the Executive of Hurmu through the sale of bonds via public subscription. Citizens and international investors alike who purchased bonds from the credit union were promised a fair and sustainable rate of return.
The Hurmu Credit Union was founded with the primary goal of supporting the Hurmu government's efforts to provide public services, invest in infrastructure projects, and stimulate the nation's economy. The HCU offered various types of bonds, including short-term, medium-term, and long-term bonds, catering to the diverse needs and risk profiles of investors. The bonds were marketed as a safe and attractive investment opportunity, particularly for those seeking stable returns amid the economic uncertainty that plagued the region.
On 9.XI.1719 AN, as the 1719 Hurmu government crisis worsened, a first decree was voted through the Assembly, ordering the issue of 400,000 bond notes, certificates of indebtedness of 5,000 crowns each, with an interest rate of 5%. Debt would be serviced through progressive taxes and the revenues of companies taken into public ownership.
After an uncertain period in limbo, following the occupation of Huyenkula by the Federal Forces of Nouvelle Alexandrie, the offices of the credit union were raided on 13.X.1720 AN by armed men dressed in the uniforms of the Hurmu Peace Corps, albeit carrying equipment associated more typically with the ESB-Jagdverbände, who ransacked and looted the building whilst detaining a number of persons present at the scene - whose whereabouts remain unknown. It was suspected that employees of the credit union had successfully smuggled bonds and securities out of the Lake District prior to the attempt by senatorial forces to force the dissolution of the organisation.
As of 1719 AN the Minister of Finance and Economic Affairs is also responsible for appointments to the board of the Hurmu Credit Union.
Sale of HCU Bonds in Nouvelle Alexandrie
Student socialist groups at the University of Lausanne in Nouvelle Alexandrie have organized protests and sit-ins against the New Alexandrian government's policies, including the intervention in the Hurmu civil conflict. UofL's Students for a Socialist Future and SDLA-associated political student groups are expressing support for Hurmu's Socialist–Umraist coalition, led by Annika Raudsepp, and are advocating for Hurmu and Nouvelle Alexandrie to fully embrace socialism. In addition to their protests, student groups have been actively engaging in campaigns to buy bonds from the Hurmu Credit Union. These efforts aim to help finance the operations of the Executive of Hurmu under Raudsepp's leadership. Thousands of students have already purchased bonds and are continuing their campaign to encourage others to do the same. While plans to expand the protests to other New Alexandrian campuses have not yet materialized, there is a growing interest in doing so. Students are also increasingly interested in extending the campaign to sell Hurmu Credit Union bonds, as they continue to show support for the Hurmu socialist government amidst the ongoing civil conflict. In response to the escalating civil conflict in Hurmu and growing concerns over the potential misuse of funds raised through the sale of HCU bonds, the Federal Bank of Nouvelle Alexandrie implemented stringent measures to limit the sale of these bonds in Nouvelle Alexandrie. These measures included caps on the total value of HCU bonds that could be held by individuals and organizations, mandatory background checks on prospective buyers, and enhanced reporting requirements for financial institutions facilitating the purchase or sale of HCU bonds. The restrictions were designed to ensure that the financial system of Nouvelle Alexandrie did not contribute to the ongoing violence in Hurmu, and to promote peace and stability in the region. While some investors and financial institutions raised concerns about the potential impact on the liquidity and market for HCU bonds, the Federal Bank of Nouvelle Alexandrie assured that these restrictions were carefully designed to minimize any adverse effects on legitimate bondholders and the overall market. As the Hurmu civil conflict continues to unfold, the sale of HCU bonds in Nouvelle Alexandrie remains a contentious issue.
