Credit union savings remain high
Despite continued economic challenges in Barbados, members of the Barbados Light & Power Credit Union are managing to keep their savings up.
And the chief executive officer of the Financial Services Commission (FSC) Randy Graham is giving the credit union praise for being a leader in savings.
“The growth in GDP for the Barbados economy in 2014 was less than one per cent, and unemployment figures were predicted to increase, but the Light and Power Credit Union was able to maintain an average savings per member of $22,205, which is 155 per cent above the industry average of $8,702 per member,” Graham said at the credit union’s annual general meeting at the Lloyd Erskine Sandiford Centre yesterday.
“It would appear in the scheme of things that this credit union story is somewhat of a factual story tale, and credit must go to the board of directors for their governance during this period”.