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Caribbean credit unions standing firm
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| Published on Wednesday, August 26, 2009 | Email To Friend Print Version
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KINGSTOWN, St Vincent and the Grenadines -- President of the Caribbean Confederation of Credit Unions, CCCU, Yvonne Ridguard has called on Credit Unions in the Caribbean to be undaunted by the global recession that plagues the economy.
Ridguard, who is the first female President of the CCCU, said the Credit Union Movement was spawned out of economic adversity to mainly provide credit to the marginalized and underserved some 100 years ago.
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| Yvonne Ridguard, President of the Caribbean Confederation of Credit Unions, (CCCU) |
The CCCU President pointed out that the OECS Credit Union Movement continues to see growth and is a significant contributor to the Caribbean economy representing 20% of the Caribbean market shares, 18% in total assets, 17% in shares and deposits and 18.5% in loans.
She stressed that this new global crisis should help the Caribbean to steer into higher heights and noted that besides its members who are continually educated on the importance of thrift, the unity within the various co-operatives was a major factor in the strength of the Credit Union Movement.
She said: “The expression 'no man is an island' has more meaning today than ever, as in our financial world today no organization can solely rely on its own strength for survival. We all need to create alliances with other financial institutions and in particular, with other Credit Unions in such areas as shared branching and services.”
“This is the way of the future, this will ensure that Credit Unions maximize the use of the core co-operative principle of partnership and respond in a timely manner to the changing financial needs and demands of our members,” Ridguard further emphasized,”
The CCCU President was speaking at the 7th Annual Credit Unions Summit, which held from August 20-22 at the Methodist Church Hall in Kingstown under the theme Credit Unions Standing Firm in Uncertain Times' and had over 300 delegates.
Feature speaker at the summit, Prime Minister of St Vincent and the Grenadines Dr Ralph Gonsalves, noted that “A Crisis is a Terrible Thing to Waste.”
Dr Gonsalves, who is also Minister of Finance, commended the Credit Union Movement on being a financial institution that arose out of struggle to help the people. He said it was necessary for OECS governments to emulate the action focused attitude of the Credit Union Movement to play a developmental role in protecting the interest of the people so that they do not become paralyzed during these challenging times.
Outgoing Chairman of the World Council of Credit Unions (WOCCU) Melvin Edwards noted that the self regulatory approach, of which the Credit Union has adapted, is one of the reasons why the financial institution continues to thrive. He said the credit union movement is an international body with uniformed standards which are more flexible than the banking sector it offers their members more financial freedom.
Edwards, who is the first Caribbean national and first black person to hold such a prestigious title at WOCCU, proudly boasted that the seven-member States of the OECS has been able to come to full consensus on 249 provisions in the OECS Harmonized Bill, and that this was major evidence to the world, that the Cooperatives of the OECS Union is progressive.
The business segment of the summit features a blend of panel discussions, general presentations and interactive workshops from financial analysts, business leaders and credit union experts who will share information on topics such as: (i) Regulations and Compliance (ii) Business Development (iii) Risk Management (iv) Investment strategies (v) Innovative Products and Services (vi) Human Resource Development.
The 7th Annual Organization of Eastern Caribbean States (OECS) Credit Unions Summit will climax with operational and policy recommendations that will assist Credit Unions to remain relevant, safe and competitive whilst advancing the social and economic well-being of their members. | | | | Reads : 1050 | | | |
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