Credit union not in crisis

Any reports of the Barbados Secondary Teachers Union’s Co-operative Credit Union facing a financial crisis are grossly exaggerated.
That’s the word from president of the credit union, Phil Perry.
“Anyone that would say that or try to imply that would be in grave error,” Perry told the DAILY NATION yesterday amidst unconfirmed reports that the credit union was in dire financial straits.
The credit union’s denial came a few hours after it hosted an extraordinary meeting for its full membership at Queen’s College in Husbands, St James, yesterday morning.
“We did stage an extraordinary meeting yesterday, but it was held to bring members up to date with a number of guidelines set out by the Financial Services Commission (FSC),” Perry explained.
Perry said the credit union was no different to any other financial institution in Barbados as it related to the difficulties which had been brought on by the current economic recession. (BA)