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International Credit Union Week climaxes tomorrow

International Credit Union Week climaxes tomorrow

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by J. Soso-Vincent 17.OCT.08

Celebrating under the theme ‘My Credit Union: it belongs to me’, the SVG Credit Union League launched its weeklong schedule of events at a press conference on Monday, October 13th.{{more}}

Running from October 12 – 18, League Secretary and Chairman of the Credit Union Week Committee 2008 Basil Chambers announced some of the activities that members will be taking part in. Chambers related that the celebrations began with a Church Service, which took place on Sunday, October 12. There was also a message from the President of the SVG Credit Union League, Sylvia Sutherland, which was aired on all radio stations on the morning of October 13th. He also shared that other activities will include: radio panel discussions; a National Cooperative awards ceremony; a mobile campaign promoting the League to the Windward side of the island; Credit Union Day – when the Kingstown Cooperative Credit Union will launch their ATM service; visits to Secondary Schools; a mini exhibition in the Post Office Gallery, where members of the public can get blood pressure and diabetes checks; an Art competition open to Primary and Secondary school students; and, to culminate the week’s events, a ‘Lime and Cook-out’ day at Mt. Wynn beach on Saturday, October 18th.

League President Sylvia Sutherland extolled the benefits of doing business with the Credit Union League. “The more business you do with the credit unions, the more benefits you receive,” she promised.

According to Cecil Jackson, Registrar of Cooperatives, the League is doing extremely well. Jackson revealed that it has EC$249 million in assets, EC$232 million in reserves and, to date, 47,144 members. Jackson stated that the success of the League depends on good governance and transparency in all ventures, amongst other factors.

Elritha Dick, Eastern Caribbean Central Bank Representative encouraged those in managerial positions within the League to maintain standards and to be diligent enough to incorporate changes in technology within the League. “Technology is playing a greater role in the delivery of financial services,” she advised. Dick further echoed the words of Teachers’ Credit Union President Curtis King: “The Credit Union must be kept member driven!”

In the wake of the sub-prime fallout within the U.S financial sector, many might worry about the effect this could potentially have on the regional and local financial sector. Dick and Jackson assured the public that the situation and global market are being closely monitored, and that there is “…no need for fear” because the Credit Union League has not been affected.

Sutherland provided further assurance. She explained that the League has not been involved in sub-prime lending, where low interest rates are offered to entice customers then the rate sky-rockets once the agreement has been signed. Sutherland referred to such lenders as “unscrupulous”, and once again affirmed that the League was “…not affected in that way.”(JSV)