BARBADIANS ARE TURNING to their credit unions for loans, but the latest Financial Stability Report says this is also translating to higher delinquency rates in the credit union movement.
This was contained in the report released yesterday by the Central Bank which prepared it in conjunction with the Financial Services Commission for the year ending September 2014.
“Like banks, the deposit-taking finance houses and trust companies also struggled to generate growth; while isolated firms recorded some success, loans were marginally lower than a year ago. Furthermore, loss provisions were higher than a year earlier although non-performing loans (NPLs) showed an improvement over the period,” the report noted.
It revealed: “In contrast, credit unions registered significantly higher lending to their membership, even as their client base continued to be impacted by rising unemployment and a sluggish domestic economy.” (GE)
Please read the full story in today’s Saturday Sun, or in the eNATION edition.
