Credit union movement growth continues

THE credit union movement continued its growth in 2000, showing increases in the three main areas of assessment: assets, savings and loans.

The Jamaica Co-operative Credit Union League's report on the growth of the movement was tabled at its 60th annual general meeting on May 12 at the Jamaica Grande Hotel in Ocho Rios.

President of the League, Joseph Taffe who tabled the report released figures that showed that the Credit Union Movement which now comprises 59 credit unions, had a combined assets growth of approximately 21.11 per cent in 2000 compared to 27.13 per cent in 1999. Total assets grew by $2.55 billion compared to $2.59 billion the previous year.

Mr. Taffe said, "strong savings growth and an increase in capital" fuelled "the strong growth in assets".

Savings increased by $1.99 billion representing an 20.0 per cent increase over the previous year. At year-end, total savings in the credit union movement stood at $11.99 billion compared to $10 billion in 1999. He had high praises for inter-parish credit unions which he noted have recorded the highest growth rates.

Mr. Taffe noted that while loans showed an 18.0 per cent increase in 2000, this was still 2 percentage points below the growth rate for the previous year. But he noted that this was a "particular good performance" when compared with the performance of the loan portfolio of other financial institutions that he said grew "very little". He attributed the decline in the loans growth to the uncertainty among some members about their future employment status.

The president was very upbeat about the future of the credit union movement while highlighting its achievements over the past ten years. He told the more than three hundred delegates and observers gathered for the 4-day conference that in the past decade a significant per cent of Jamaicans have utilised the services provided by credit unions. Mr. Taffe said he expected this to continue as credit unions are now being viewed as "the people's financial institution".

He praised the self-regulatory system which the movement has in place and noted its contribution to the safety and soundness of credit unions and the credit union system as a whole.

The following officers were elected at the re-organisational meeting of the Board following the AGM - Carl Domville, president; Rudyard Ellis, first vice-president; Christopher Samuda, second vice-president; Fitz Rowe, secretary; Miss Melrose Wiggan, assistant secretary; Winston Tomlinson, treasurer and Everton Kerr, assistant treasurer.

Mr. Domville who is a member of GSM Co-operative Credit Union replaces Mr. Taffe whose term of office expired at the 2000 annual general meeting.

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