PCCU fulfils dream of having own home

While speaking at the launch of the 14th annual Organization of Eastern Caribbean States (OECS) Credit Union Summit last Tuesday at the St Vincent and the Grenadines Co-operative League (SVGCL), president of the Police Cooperative Credit Union (PCCU) Junior Simmons disclosed that they have finally achieved one of their enduring dreams, with the purchasing of the ‘Old Voyager Building’ on Bay Street.{{more}}

“Getting our own home was one of our enduring dreams of the Police Credit Union. Well that dream is now a reality and our members and well-wishers are the happier for it,” Simmons said.

He also stated that this summit comes at a most important time, especially when financial institutions have introduced the new trend of de-risking.

De-risking refers to financial institutions exiting relationships with and closing the accounts of clients considered “high risk”.

“This development has direct implications for the credit unions; it has already affected the sector negatively.”

Simmons is set to lead a 20-member team to the five-day conference.

Also speaking at the launch, president of the SVGCL Dwight Lewis stated that the annual summit provided a unique platform for reflection, decision making, cooperation and training.

“The annual summit has provided the opportunity for industry leaders to develop a common vision for the growth and expansion of the credit union movement in the OECS,” Lewis said.

He noted that credit unions across the region have given persons the opportunity to own a piece of a financial institution, start small business, build family homes and educate their children.

Lewis pointed out that the current savings in credit unions across the region stand at XCD $2.2 billion and assets at XCD $2.7 billion.

The SVGCL president noted that the role of the credit union has been of greater importance, given the current financial situation.

“Given the scale and complexities of the challenge in the global economy, the OECS credit union summit continues to be a critical and relevant forum to exchange ideas on the best practices for credit unions.”

During the opening ceremony, which will take place tomorrow, Wednesday, September 14, Prime Minister and Minister of Finance Dr Ralph Gonsalves will deliver the keynote address.

Also slated to deliver addresses at the opening ceremony are Frederick Stevenson, Minister of National Mobilization, Social Development, the Family, Persons with Disabilities and Youth; Aaron Moses, president of the Caribbean Confederation of Credit Unions and David Frizz, CEO of Cooperate Enterprise Finance Facility Ltd, the principal sponsors and the president of the various leagues in OECS countries.

Lewis said that the summit will culminate with “operational and policy recommendations that will assist credit unions in the OECS to remain relevant, safe and competitive, whilst advancing the social and economic circumstances of its members.”

Kelvin Pompey, president of the General Employee Co-operative Credit Union (GECCU) stated that this summit will expose their staff to the teaching and philosophy of the credit union.

“We consider it at GECCU an opportunity for members of committees, of staff, of volunteers, to be further educated in what is current and what are issues affecting the credit union movement.”

He also said that this is an opportunity to reposition the credit union movement once more, market credit unions and have policy intervention at the credit union level.

Phyllis James, president of the Kingstown Cooperative Credit Union (KCCU), Philbert John of the Teachers’ Cooperative Credit Union (TCCU) and Brian Alexander, chair of the St Vincent Automotive Cooperative Society, also delivered remarks. (CM)