Sonesta Maho Beach Resort, St. Maarten, June 28, 2010 (Press Release) - Eighteen countries representing some 17 affiliates are currently attending the 53rd Annual International Convention and 39th Annual General Meeting of the Caribbean Confederation of Credit Unions.
The delegates are from Antigua and Barbuda, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, Netherland Antilles, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, The Bahamas, and Trinidad and Tobago. The event is hosted in St. Maarten, which is a non-affiliate but is in attendance.
The four-day convention, which is being held at the Sonesta Maho Beach Resort and Casino, is being attended by some 400-odd delegates who are meeting from June 26-30.
In her welcoming remarks, CCCU President Ms. Yvonne Ridguard thanked the delegates for once again showing up in their numbers to the annual event. She expressed appreciation for what she dubbed a really great hospitality that has been demonstrated by the government and people of St Maarten.
President Ridguard appealed to members to have a renewed passion for the continued growth and development of the organization, stressing that despite the challenging times being faced the Credit Union would and could continue to grow.
Highlighting some of the key critical issues that will be addressed at the meeting, the CCCU President said they would be looking at the regulations which have become topical since the current economic meltdown.
“We need to understand that Credit Unions have always had internal regulations and operate by the prudential international standards that were set up by the World Council of Credit Unions (WOCCU), which is across the board for all credit unions,” the President said.
She pointed out that her organization is cognizant of the fact that governments have begun “turning their eyes” to see what is happening within the credit unions in an effort to ascertain if sufficient regulations are in place. She declared that because credit unions are used to strict regulations, they do not wish to be regulated in the same way that banks are.
“It must be noted by all that Credit Unions are different financial institutions and therefore we would want governments to understand that we are a unique organization. They do not want governments to give us regulation that will affect the growth and development, but to look at empowering them so as to ensure that they do what they do best,” she declared.
She noted that the various credit unions need to promote themselves as the financial institution of choice: “We have a responsibility in our respective credit union to promote the organization as the financial institution of choice and, let me stress that the credible union should also be seen as a credible alternative.”
Ridguard, who is the first woman President in the CCCU’s history, noted that the Credit Union is a noble Caribbean movement
She also noted that the economic crisis being experienced by countries throughout the world, the Credit Union is the only financial institution that has not reduced or stopped lending. This, she said, demonstrates that the Credit Union is solid, financially strong and effective in its operations.
Meanwhile, Commissioner William Marlin, Leader of Government, Island Territory of St. Maarten, who was scheduled to deliver the feature address, could not have done so because he had to attend an urgent meeting overseas. The address was delivered by Acting Lieutenant-Governor Reynold Groenveldt.
