BUSINESS MONDAY: Hope for deposit insurance scheme next year

THE eagerly awaited deposit insurance scheme (DIS) for local credit unions could become a reality early next year.

That’s according to Hally Haynes, President of the Barbados Cooperative and Credit Union League Limited (BCCULL).

The scheme which has been on the cards for years is in demand by this country’s credit unions which collectively account for well over $2 billion in assets.

Unlike the one for commercial banks which has been in place for a long time, credit unionists said the scheme is necessary to give some element of protection to members’ deposits which continue to expand.

Haynes who is also President of the Barbados Police Cooperative Credit Union Limited, said that over the next few days/weeks the League will be sharing with members a report on the DPI (Deposit Protection Insurance) for their perusal.

He also said that they in the BCCULL have had discussions with the Minister in the Ministry of Finance, Ryan Straughn and that once the legislative amendments are done it will become a reality.

“That indeed would be a signal achievement for the (credit union) movement,” he said, while hoping that it comes on stream next year.