Credit Unions call on Gov’t to introduce Deposit Insurance Scheme

THE umbrella organisation for local Credit Unions is again calling for a Deposit Insurance Scheme (DIS) to safeguard members’ funds.

The call was made on Saturday by Anderson Henry, the President of the Barbados Co-operative and Credit Union League Limited (BCCULL). He spoke at the League’s Annual General Meeting at the Lloyd Erskine Sandiford Conference Centre.

For years the Credit Union movement has been pressing for the introduction of the DIS, similar to one already in place for commercial banks, to safeguard members’ deposits in the event of financial problems.

Henry told the meeting that it would be remiss of him not to use the opportunity to call on Government to pass the necessary amendments to the relevant pieces of legislation to give credit union members the same level of protection as that enjoyed by the customers of commercial banks and finance companies.

He pointed out that the League, on behalf of its constituents, funded a project to construct an appropriate model that would facilitate access for credit unions to the DIS. Moreover, he informed the meeting, the consultancy provided draft legislative text to expedite the process of amending the pieces of legislation.

“I submit that our membership of 190 000 is no less deserving of a similar level of protection. We have been lobbying long and hard on this one. It is time our efforts bear fruit,” Henry declared.

The BCCULL President described the last financial year to July 31, 2017, as another year of success.

He went on, “We can be justly proud of our success, but working together we can achieve much more. Opportunities beckon to roll out the next generation of services, including utilisation of modern technology, to provide convenience service options for our members.” (JB)

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