Wednesday, April 24, 2024

Credit Union boost

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The acquisition of CLICO Mortgage and Finance Corporation (CMFC) by Barbados’ largest credit union is but one of the transformations that the movement will undergo.Barbados Public Workers’ Co-operative Credit Union Ltd (BPWCCUL) president Anthony Griffin is of the view that “the credit union landscape as we now know it will be changed forever with strategic alliances and partnerships between credit unions becoming the order of the day”.In a message included in the BPWCCUL’s 2010 annual report, which has been released ahead of tomorrow’s annual general meeting, Griffin said the integration of CMFC is critical to their advancement and would allow for the supply of specific services from BPWCCUL to CMFC. “Due to their separate regulatory reporting requirements and arrangements, these two entities will continue to operate as distinct entities,” Griffin said, noting that the integration process will be facilitated through a general holding company approved by the Registrar of Co-operatives.
Vision He said it is envisioned that such a vehicle would be the nursery for other projects, including the co-operative property fund and the reverse mortgage.The president added that in order to keep pace with technological advancements, the needs of smaller credit unions and some larger ones will perhaps be best served by a technology service organisation managed by the credit unions. “This organisation will create a common core platform so that the sharing of any service between credit unions will be as simple as ‘plug and play’, he said.He said the credit union landscape will also evolve to one where safety and soundness will be enhanced while at the macro level deposit insurance for credit unions will become a reality.For the financial period April 1, 2009, to March 31, 2010. BPWCCUL’s assets increased from $599 million to $673 million which represents a 12.3 per cent increase.Meanwhile, deposit growth continues to be rather robust growing by $56.4 million or 11.3 per cent, resulting in a year-end portfolio balance of $554.9 million. According to the board of director’s report, the co-operative’s loan portfolio grew by $60.5 million to end the year at $552 million.Growth occurred primarily in the real estate loans sector which accounted for approximately 69 per cent of total loan growth. (NB)

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