Disagreement in Dominica over credit unions

Saturday, November 15, 2003

ROSEAU, Dominica: Credit Unionists were meeting Cabinet late Friday to thrash out their disagreement over changes to the laws governing the operations of credit unions in Dominica. Parliament is scheduled to debate the amendments on Monday.

Senior members of the organisation met acting Prime Minister Charles Savarin yesterday to express their dissatisfaction with government's intention to place Credit Unions under the supervision of Eastern Caribbean Central Bank, the St Kitts-based body that oversees the running of the financial sector here and the rest of the Organisation of East Caribbean States (OECS). 

One official of the credit union, without giving details said the new arrangement would worsen the members' economic situation. According to a government official, the union would have to pay much higher operation fees to government's coffers by the elevation in financial status. 

Attorney General Henry Dyer, in defending government's position, said the credit union movement is the third largest financial institution in Dominica and has become too big for the Cooperative Division in the Ministry of Community to handle.

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