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Completion
of the Pearls financial monitoring workshop at Cascadia
Hotel, St Ann’s, has led to the creation of a credit
union user’s network.
Pearls stands for protection, effective financial structure,
asset quality, rates of return and costs, liquidity and
signs of growth.
The network comprises 51 participants drawn from 23 societies.
The Central Bank and the Dominica-based Marigot Credit Union
will meet periodically to assess the financial soundness
of the credit unions and other societies consistent with
the Pearls ratios.
The Central Bank will use Pearls to regulate the credit
union sector.
Both parties will also determine mutually acceptable approaches
to deal with the challenges of the new performance measurements,
stated a release from the Co-operative Credit Union League
of T&T.
Anthony Pierre, course facilitator and former director of
the credit union supervisory unit, Ministry of Finance,
stressed the importance of the Pearls evaluation concept
to distinguish financial co-operatives which meet the criteria
of effectively managed credit unions.
The workshop, held on February 29-March 2, 2008, was organised
by the league as part of its continuing efforts to ensure
the strength and stability of the sector, which will be
managed under new legislation.
The co-operative hosted two major credit union training
initiatives in Tobago.
On February 23, credit union practitioners from Mt Pleasant,
Bethel, Lambeau, Thawe, Peoples and Whim credit unions met
at Mason Hall Government Primary School to focus on the
Pearls financial rations.
The target group included board members, supervisors, credit
committees and accounting staff.
On February 26, the board of directors and other statutory
committees of the Thawe Credit Union met for an orientation
programme which was conducted by Dianne Joseph, office manager
of the Co-operative Credit Union League.
The session looked at the fit and proper procedures as enshrined
in the proposed Credit Union Bill, which is being developed
to monitor the operations of financial co-operatives.
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