Wednesday, April 24, 2024

Greaves not for credit union bank

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ALTHOUGH BARBADOS’ credit union movement is a major financial success story, it should ignore the recommendation that calls for the launching of a full-time commercial bank as a pathway to further growth.

​That advice came from Evelyn Greaves, a former Cabinet minister who, among other things, held responsibility at different times for trade, industry, commerce and tourism and was also minister for the credit union movement for almost a decade.

It was in that role that he commissioned a study of credit unions led by economist Frank Alleyne (now Sir Frank). The group’s findings led to the introduction of legislation that modernised the credit union movement.

Greaves, who recently stepped down as Barbados’ top diplomat in Canada, told the DAILY NATION that credit unions with assets of well over a billion dollars had a bright future which they shouldn’t put at risk by launching a commercial bank.

“As far as the formation of a credit union bank is concerned, I think right now the credit unions are very well run. But going into banking is venturing into unchartered waters for the present leaders of the movement,” he said.

 

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