The millions of dollars that credit unions have deposited in non-bank financial institutions have to be removed and put in commercial banks.
The Financial Services Commission (FSC) has instructed credit unions to develop a divestment plan that would see them removing these funds over a period of time.
However, the island’s second largest credit union, City of Bridgetown Co-operative Credit Union (COB), wants the FSC to reconsider the move. This Rawle Culbard picture shows COB’s main offices on Broad Street, Bridgetown, next to one of the leading banks. (GE)
