This monetary donation was presented at the 54th Annual International Convention and 40th Annual General Meeting of the Caribbean Confederation of Credit Unions, to assist the Credit Unions which have been impacted by the CLICO downfall.
Credit Unions in the OECS and Trinidad and Tobago have been affected immensely by the need to make provisions for impairment of investments in CLICO and British American, in agreement with the International Financial Reporting Standards (IFRS) a release from the conference implied.
However, the Credit Unions are experiencing increases in the major financial indicators. They explained that savings saw an increase of nine (9) percent from US$3.1 billion to US$3.4 billion; loans were increased from US$2.8 billion to US$2.89 billion a mere three (3) percent whereas there was a seven (7) percent increase in total assets from US$4 billion to US$4.2 billion.
The continued combining of Credit Unions has influenced the reduction of institutions, from 366 to 360 and also in individual memberships which has fallen from 2.2 billion to 2.1 billion.
During the month of September a board meeting will be held in St Lucia, there the newly elected Board of Directors will engage in related dialogue. The Board of Directors is comprised of Yvonne Ridguard Harris, President (Jamaica); Cheryl Bowe-Moss, Vice President (The Bahamas); G Sydney Newton, Treasurer (St Kitts & Nevis); Dean St Hill, Secretary (Barbados); Dana Nestor, Director (Guyana); U Clement Usher, Director (Belize]); and Aaron Moses, Director (Grenada).
The year 2012 has been declared by the United Nations General Assembly as the International Year of Co-operatives.