Devon Evans, Gleaner Writer
OCHO RIOS:
AFTER A protracted period of discussions, the Government is now close to a workable conclusion regarding the regulation of the island's credit union movement by the Bank of Jamaica.
This was disclosed by Minister of Housing, Water, Transport and Works, Bobby Pickersgill, while speaking at the Jamaica Coop Credit Union League (JCCUL) awards banquet at Sunset Jamaica Grand Resort in Ocho Rios on Friday night.
Delivering a speech on behalf of Prime Minister Portia Simpson Miller, Mr. Pickersgill said a number of issues in the proposed regulation have already been decided upon, and that ongoing discussions are taking place on the outstanding matters with a view to arriving at an agreement soon.
Mr. Pickersgill used the occasion to announce some of the matters that have been agreed on already in the new regulations. The JCCUL will continue to play a role of paramount importance, although in a modified way to avoid conflicts of interest. Under the regulations, the league will be licensed as a special credit union whose membership will exclusively comprise credit unions.
STABILISATION FUND
It has been suggested that the resources in the Stabilisation Fund should be used in the first instant to assist member organisations to address identified inefficiency. It will facilitate the licensing of credit unions by the Bank of Jamaica and the simultaneous insuring of deposit by the Jamaica Deposit Corporation.
The minister, however, assured the large gathering of credit union members, that the new regulations "are not meant to be a shackle but to promote caution and safe practices because so many Jamaicans rely heavily on the movement."
