Grenada Today - July 31st, 2004

Grenada is back on the Board of Directors of the Caribbean Confederation of Credit Union (CCCU) after a twenty two year absence.

Local Contractor and former President of the Co-operative Credit Union League (CCUL) Stanford Simon has been appointed one of the Directors following a meeting of the CCCU aboard the Carnival Cruise Line which ended last Friday.

His appointment is for a period of three years in the first instance and it took place during the 47th International Annual Convention and the 33rd Annual General Meeting.

This country's past representative was Edna Evans from the Perdmontemps Credit Union who served from 1979 to 1986.

Simon was part of a 35 member delegation from Grenada during the one week event which brought together over five hundred delegates from across the region.

He told GRENADA TODAY in an interview Monday that his appointment is quite an achievement for this country since the League on the island will now have a voice on the regional body that will highlight their concerns.

Simon said the goal now will be to put structures in place to ensure the survival of the movement because the Credit Union is about ordinary people.

The CCCU Director disclosed that during the past week the convention looked at strategies that will help move the organisation forward.

He said one of their objectives will be the introduction of an Automated Teller Card that can be used by all Credit Union members where ever they go across the region.

Simon said the body has already purchased a building in St. Kitts that will house its business center and headquarters which will oversee the operation of the movement.

He pointed out that another of their goal is for the Credit Union movement to have a voice in the decision making process in the Caribbean Community (CARICOM) on matters such as the CARICOM Single Market and Economy (CSME), Free Trade Area of the Americas (FTAAA) and the World Trade Organisation (WTO).

Simon believes the decision the Heads make at the regional level on matters such as financial services regulation and supervision as well as economic development can impact on the movement.

The CCCU Director pointed out that amalgamation and branding of the different Credit Unions in order to make it a household name are some of the ideas that are being promoted as the way forward for the movement.

The body is expected to write to Prime Minister Dr. Keith Mitchell the current Chairman of CARICOM to put forward their concerns about the future of Credit Unions in the region.

The CCCU comprised 18 English and Dutch speaking countries as well as 345 Credit Unions with a membership of 1.5 million members.

It has $1.7 billion in assets and is driven by savings worth $1.4billion. The movement has an outstanding track record for training, technical assistance and institutional strengthening.