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Central 1 Chief Economist Helmut Pastrick to retire after 23 years

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Vancouver, B.C., October 26, 2020  – After a remarkable 23 years as Central 1’s Chief Economist, Helmut Pastrick, who is synonymous within the credit union system, has decided to retire by the end of the year.  

Helmut joined Credit Union Central of BC (now Central 1 following the merger of B.C. and Ontario Centrals) as Chief Economist in 1997 following many years working for Canada Mortgage and Housing Corporation. Helmut led Central 1’s economic department, which provides economic advisory, insight and forecasting to the B.C. (and later Ontario’s) credit union system. Having worked through multiple recessionary cycles, Helmut has provided an invaluable analytical voice during times of economic duress to credit unions.  

Recognized across Canada as an expert economic and housing forecaster, Helmut elevated the credit union system to the forefront of media and policy makers with his objective, tell-it-like-it-is commentary. Hwas an original member of the B.C. government’s influential Economic Forecast Council, a group of economists appointed to provide the government with an unbiased assessment of the economy. Helmut remains on the Council to this day.  

Under his leadership, the economics department has become the ‘go-to commentators’ for media on topics related to the B.C. economy, housing markets, and sometimes, political matters. Helmut has conducted more than 1,000 media interviews over his career and his widely sought-after expertise has resulted in speaking at hundreds of presentations across the country. Helmut’s expertise has helped to increase the credit union system’s reputation and credibility among the financial and business community across Canada. Most recently, Helmut was named to the Expert Panel on the Future of Housing Supply & Affordability convened by the federal and B.C. governments.  

He has also mentored a number of economists currently at Central 1 and those who have passed through and made their mark in other organizations. His highly methodical approach to economic analysis and research methods and focus on mentoring has raised the bar of the Central 1 economics department and contributed to the success of the team.  

Central 1 would like to thank Helmut for all his years of service and for enhancing the credit union system across the country — among our peers and within the community.  

About Central 1 

Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. With $21.3 billion in assets, we leverage our scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions, enhancing the financial well-being of more than 5 million customers from coast to coast. For more information, visit 


Meadhbh Monahan (pronounced ‘Maeve’)
Communications Specialist 

Central 1