THE EDITOR, Sir:
THE ABOVE was the caption of an article which appeared in The Daily Gleaner of Friday, November 29, 2002, and as one who served The Movement for most of my working life, I felt obliged to comment on Mr. Naar's models and plans for consolidation of credit unions.
Credit unions are one sector of the Cooperative Movement. They are primarily about "people" within a common bond working towards a better life and not mainly about getting "market share" in the economy.
The C.E.O. for Churches Coop CU Limited seem to be advocating competition for membership among credit unions and suggesting that this CU with its island-wide common bond should be The National Credit Union, and all the others should become branches of this National Churches CU.
Jamaica's Cooperative Movement, of which credit unions from the most successful sector, is based on a philosophy, on principles and practices which are clearly enunciated, and a management structure and operations accountable to its member - owners. I do not foresee The National Union of Co-operatives Societies and the Jamaica Coop CU League Limited advocating the major changes Mr. Naar is advocating.
The Movement was born out of hardship and voluntary work. So long as each society is viable and is serving the needs of its members, then increase in numbers will come as needs arise and service improves. It has never been the Movement's aim to "face" commercial banks "head on" and "win" the encounter. They have been our bankers from we were small, poor and insignificant through to our present significantly strong financial position.
It appears that Mr. Naar has knowledge of government's plans for further control of the co-operative credit unions, which has performed efficiently during our financial crisis.
Jamaica benefited immensely from the credit union shares, loans and deposits that was in circulation among the 500,000 working CU population during our past financial crisis; and government appreciates this.
May I suggest that saving loans, thrift and continuous education in money management is the way for the future in the credit union sector of the Co-operative's Movement.
I am, etc.,
RUPERT GREGORY
P.O. Box 80
Kingston 8
