Include us!

WITH a membership of over half the island’s population and with over 1.8 billion in assets, a call is being made for the credit union movement in Barbados to be represented at the level of the social partnership, with its own place at the head table.

 

The call was made by President of the BET Credit Union Ltd., Michael Alleyne, as he delivered remarks at the 50th anniversary dinner and awards ceremony of that credit union at the Hilton Barbados on Saturday night.

 

Directing his comments to Finance Affairs Minister Christopher Sinckler, who was in attendance, Alleyne said, “The movement continues to play its role in the socio-economic development of its membership. It has never shied away from its corporate responsibility. As a matter of fact [it] stood the test of time during every economic crisis that has befallen us. We came up with ways to support our membership to maintain their quality of life during these challenging times.

 

“It is therefore my view that the movement needs to be more properly invited to the policy-making and decision processes that guide the direction of our beloved country. It should not be remembered for restorative medicine when the patient is on its back, but at the time when the analysis of the sick is done. The credit union movement needs to be fully representative at the level of the social partnership, it should not be subsumed into any grouping, but should have its own place at the head table.”

 

Alleyne, while giving a history of the BET Credit Union Ltd, recognised as the ninth oldest in the country, reported that through a loan portfolio that started from around $5 000 it has now grown to a maximum of $350 000.

 

That, he said, has been supported by a savings portfolio including term deposits with attractive interest rates. However, he stated that this will not be enough to keep this credit union going in the near future.

 

“The level of delinquency has been a bugbear in our efforts to increase our loan limit. Rest assured members, we are looking at ways and means for further effective management of this portfolio including deeper discussions with the Financial Services Commission,” he assured.

 

Alleyne explained that changes in the operations of the credit union movement are being demanded at domestic local and international levels, where directors are cognisant of this and have embarked on a strategic plan to refocus the operations of the credit union to face those challenges.

 

He cautioned that the demands of regulatory and compliance authority will test the strength and survivability of some units in the overall credit union movement. 

 

“In order for us to deal effectively and timely with those requirements, strategic alliances or even mergers must be seriously contemplated among some of the medium sized and small units within the credit union movement. This idea or suggestion is not new, but I am only re-emphasising what has to be done as soon as possible.

 

“If there must be mergers, that must be the way to go. We should no see them as negative things. But where there is no vision the people will perish,” he warned. (JH)