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Opportunity for investment

*Continued from page 19

I am pleased to state that work on this initiative is far advanced and we sincerely look forward for its implementation early in this new year. It is our vision that this initiative will create the opportunity for all Barbadians to invest in a financial institution, which belong to them and where the benefits will remain in Barbados and not repatriated to some other country or continent.

In addition, our entry into the banking sector will level the playing field with assured quality services, which has been a corner stone of credit unions over the last 20 years.

We await the implementation of the Deposit Insurance Scheme for credit union members as announced by the Minister of Finance and Economic Affairs, Christopher Sinckler, in his June 26, 2012 Budgetary Proposals. We are confident that this initiative will enhance the credit union movement and will result in greater remittances from Barbadians living in the Diaspora.

As a movement, we will continue our efforts to represent your interest at the national, regional and international level. On the national level we will continue to work with the Financial Services Commission to ensure that we have a strong regulatory regime that promotes safeness and soundness of the credit union sector whilst maintaining the uniqueness of the movement.

At the regional level, we continue to promote the uniqueness of the co-operative business model and lobby governments across the region to work co-operatively with credit unions as they seek to introduce and implement credit union legislation among other things.

Please note that the Caribbean Confederation of Credit Unions will be holding its 56th Annual International Convention and 42nd Annual General Meeting from June 21 – 25, 2013, at the RIU Panama Plaza Hotel, Panama City, Panama, under the theme “The Credit Union Difference: Members Matter Most”. Barbados and Panama have a rich history and we look forward to a wonderful and innovative experience.

We are confident and optimistic, that this year we will increase added value to the credit union brand and continue on our mission to build a better world by ensuring the best financial services, promoting thrift and facilitating economic enfranchisement to each and every member.

In closing, let me on the behalf of the board of directors, the executives and staff of the Barbados Co-operative & Credit Union League Limited and the entire co-operative family, extend best wishes to the Government and people of Barbados for the New Year and may the blessings and grace of Almighty God shine upon us all.

* Hally Haynes is president of the Barbados Co-operative & Credit Union League.

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