As We See It


 

JAMAICA’S CREDIT UNION MOVEMENT, FOR THE PEOPLE

Posted by SR (riley) on Jan 20 2017 at 1:16 AM
As We See It >>

Jamaica’s Credit Union Movement should be commended for standing up to the Bank of Jamaica over the past seventeen years, which has resulted in mutually agreed standards to be observed, minus the onerous proposals that were first mooted by the Central Bank, great job. Lest we forget, the multi-billion dollar price tag for the bailout of the country’s financial sector in the nineties, which were and are still being regulated by the Bank of Jamaica had nothing to do with our credit unions, so regulation did not prevent the taxpayers of this country footing the bailout bill.

Of note is the fact that each customer of any credit union is also a shareholder who has a say, once per year at their Annual General Meeting, so appropriate checks and balances have always been entrenched in the movement’s operations that would suggest that the Bank of Jamaica should instead concern itself with more effective oversight of the rest of the financial sector and thus prevent a repeat of the meltdown of the nineties.

Back