Haynes: Give credit unions de­posit cover

Daily Nation (Barbados) - - News -

Gov­ern­ment is miss­ing out on for­eign ex­change as it drags its feet on de­posit in­surance for credit unions, says Bar­ba­dos Po­lice Co-op­er­a­tive Credit Union Lim­ited pres­i­dent Hally Haynes.

He called for the credit unions to be given the cov­er­age they needed.

“It would be re­miss of me if I did not use this op­por­tu­nity to say to you that the call for de­posit in­surance is crit­i­cal. It is crit­i­cal now more than ever,” Haynes said dur­ing his ad­dress at the credit union’s schol­ar­ship pre­sen­ta­tion on Wed­nes­day.

Caveats

“I say that against the back­drop that there are thou­sands of Bar­ba­di­ans across the di­as­pora will­ing to put re­sources within the credit union sec­tor. But one of the caveats that stops that is that we do not have a de­posit in­surance scheme,” he added.

As it stands, com­mer­cial banks have a mea­sure in place which pro­tects ac­count hold­ers up to $25 000.

Haynes said that the credit union con­tin­ued to pro­vide for its mem­bers de­spite the harsh eco­nomic cli­mate Bar­ba­dos found it­self in, but he added that the lack of de­posit in­surance was af­fect­ing the credit unions in the pur­suit of their work.

This call has been made by sev­eral mem­bers of the credit union, and as re­cently as last Oc­to­ber Bar­ba­dos Co-op­er­a­tive & Credit Union League Lim­ited pres­i­dent An­der­son Henry urged Gov­ern­ment to act.

As­sur­ances

A year be­fore that, then Min­is­ter of Fi­nance Chris Sinck­ler gave the as­sur­ance while speak­ing at a Bar­ba­dos Cham­ber of Com­merce & In­dus­try (BCCI) busi­ness lun­cheon that the draft of the leg­is­la­tion to es­tab­lish a de­posit in­surance scheme was in the fi­nal stages.

Sinck­ler said then that he ex­pected the act to be in place by the fol­low­ing year.

How­ever, there has been lit­tle progress since then.

“The banks have it, the credit union sec­tor doesn’t have it,” Haynes said.

“We’re not ask­ing for more than what the banks have. All we’re ask­ing for is par­ity so our mem­bers can have that same pro­tec­tion as those in the bank­ing sec­tor,” he added.

(Pic­ture by Reco Moore.)

Bar­ba­dos Po­lice Co-op­er­a­tive Credit Union Lim­ited pres­i­dent Hally Haynes has called for de­posit in­surance to fi­nally be­come a re­al­ity for credit unions.

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