SVG Credit Unions told ‘be careful’

Credit Unions have to be carefully managed.

That’s the message from National Planner Laura Anthony Browne.

“You should strive to operate the Credit Union within prudent financial guidelines,” Anthony-Browne said though she is not leaving the responsibility entirely to the institution. She made a call for the government to “do its part to ensure that people’s monies hard earned, be protected.” {{more}}

‘Whether these monies are lodged in credit unions, Building Societies, Cooperative Banks or other institutions, it is imperative that strict legal and regulatory guidelines are put in place and adhered to if we are to avoid the possibility of a collapse of the financial sector.”

She indicated that failure to adhere to the very best financial practices may result in collapse, and urged the KCCU to talk with “authorities to ensure that the necessary legislation is in place.”

Anthony-Browne offered avenues for improvement in light of the impending CSME and said that “the regulatory framework will differ significantly than it is at the present.”

Anthony-Browne had other reasons why the KCCU will grow and expand in the CSME environment. She based her arguments on statistics and advised the KCCU to promote itself.

“This may well mean that you have to increase your public awareness budget or at any rate, become more efficient and effective in selling yourself and your products, but you will find that it is an investment worth making.”

She also encouraged the KCCU to launch new services and pointed to e-banking and tele-banking.

She noted that research and training were also “integral to the success of the financial sector but urged members to know the contents of the protocols of the revised Treaty of Chaguaramus, “so that you can know when to lobby your government to act on your behalf.”

Anthony/Browne also called for members who borrow from the KCCU to repay.