Manager of the Dominica Co-operative Societies League Ackroyd Birmingham has spoken out against statements made against the credit union movement in Dominica which give the impression that the movement is not regulated, and is against regulations.
Birmingham, who spoke at a press conference yesterday, told the media that the persons who have made such statements are threatening the well being of the credit unions in Dominica.
“Several pronouncements have been made over the past year with regards to the non-regulation or little regulation of credit unions in Dominica. I want to say categorically, these statements have been damaging the good reputation of the credit union movement in Dominica because they are erroneous,” Birmingham said.
“We have the Co-operative Societies Act number 15 of 1996, and we also have just recently passed the Financial Services Unit Act … So to state that there is no regulation of the credit union movement, I repeat, it’s a misleading statement, it is dangerous and it is damaging the good reputation of the credit union movement because this type of information goes all over the world…,”he said
According to Birmingham, the Financial Services Unit based in the Ministry of Finance is the body responsible for regulating credit unions, insurance companies among other institutions in Dominica.
“So why is it that the credit union is being targeted that there is no regulation when we have all these structures in place? We are bewildered and we are puzzled … One has to ask the question: are people deliberately or innocently trying to kill the credit union movement in Dominica?” the manager questioned.
Birmingham assured that the credit union movement was not one that was politically, religious or racially motivated.
“We as a movement are not political. W e don’t get involved in party politics. Our principles are clear to us. We are not involved in religious discussions. We stay away from that. We are non-racial, so why are we being targeted,” he asked.
The manager mentioned several initiatives which the credit union movement have embarked on in recent years in order to regularise the movement.
He stated, “If we were against regulation why would we prepare an act for parliament to pass? If we against regulations why would we seek to amend the cooperatives societies act to put new sections in there so that we can be better regulated,” he said.
“So people either are misinformed or mischievous when they make these types of statements… It’s not about emotions, I have no emotions about anything but I believe that we as a movement as a credit union movement must begin to articulate our position,” he added.
Birmingham said that members of the league’s board along with managers of credit unions and other credit union officials are very disappointed by the statements.
He boasted Dominica to be the first country to have gone into International Financial Accounting Standards and have adopted international accounting standards.
Birmingham described the statements as ridiculous.
“…We are promoting regulations and supervisions but yet we are being told that credit unions are not regulated or we are against regulations,” he stated.
Birmingham proposed a national discussion where members of the public could attend, ask questions and be informed about the credit union movement in Dominica.
Who say the CU is not being regulated? The issue is the PM blindly spewing words in support of the IMF which is trying again to use its financial power to control CUs and mess up our indigenous institutions set up and being run by locals and doing well in spite of the global financial problems. The IMF has tried to control the Credit Unions in the past, and is using the Ministers of Finance in the region to advocate on their behalf. The IMF all over the world has failed dismally causing more and more poverty wherever it has set foot. In Asia, the Caribbean, Europe, Latin and Central America, Africa, Europe, the Middle East the IMF has destroyed the economies of those countries through structural Adjustment policies and conditions. Those crazy persons making negative comments about the Credit Unions are not aware of the history of the IMF or maybe just ignorant of the operations and agenda of that institution. The PM does not have a clue of what he is talking about. What kind of qualifications he has in Finance. Just running his mouth in favour of an institution that has and will continue to cause havoc in the world economies. The Credit Unions’ policy of one man, one vote gives members the power to participate fully in the running of their Credit Unions. Were it not for our credit unions, people would suffer more and unable to do business, build homes, send children to school, etc. etc. etc. What about the exemplary CU’s social responsibilities, responding positively over the years to building communities and uplifting people especially the poor and ordinary people? Skerritt playing as if he so progressive, yet making that big faux pas in doing the bidding of the IMF to manners our local financial institution. The IMF, let me remind you all, is a multinational financial org. bent on and promoting the hated CAPITALIST system of things, while getting countries poorer and poorer. The IMF is designed to force poor countries to be dependent day by day, more dependent on them for their survival. Dominicans must not heed, or listen to Skerritt in his support of the IMF in that case. All Dominicans, of every walk of life, must resist their moves and hidden agenda.
Here we go again mischievous and reckless under tone which has the smell of political in terference , the man from Wesley you said the Credit Union had closed down and moved to Marigot did you or the person you spoke of go there to investigate the matter because you did not say in your comments I too had a problem with the Barclays Bank in M’got they too closed down moved to Portsmouth I didnt know what became of my account I went home and I personally went there and did a follow up just to find out my account was still with them and I had access to it ,sometimes we like to make comments but short on facts.
Ask yourself the questions who have much to gain by bad mouthing the Credit Union who cannot get their hands on peoples funds or go into your account to see how much money you have , in every Financial Institutions you will have discrepancies do you believe that DOMINICA is the exception wake up and smell the coffee, Financial Institutes all over the financial globe goes thru ups and downs in the market place and with disgruntled customers and share holders but to say that Credit Unions have something to hide to me is nonsensical.
It”s time that we DOMINICANS stop looking for blames and start thinking for ourselves next time you go to the Credit Union ask for a copy of the bylaws or policies and read it get involved know for yourselves so when you speak you would have the knowlegde at your finget tip
And those persons or groups who decided to bring down the Credit Unions across D”ica I would warn that your motives are dangerous and selfish and all the members of the institutions should hold them accountable.
Credit unions are not supposed to have the same profit motive of commercial banks. They are
supposed to be formed for the mutual benefit of depositors with the lowest possible cost for borrowing money and a stable interest rate for those whose money they manage.
Right now international accounting standards are not very reliable, especially when it comes to evaluating assets, because they have abolished the mark to market system, allowing even the largest international banks to carry assets on their books with inflated valuations based not on current market values but on values the lending institutions themselves place on these loans.
I suggest as depositors in both banks and credit unions we demand that our government institute a quarterly audit and oversight system and maintain a department staffed with well trained accountants who are paid by the people to do regular audits of all financial institutions and insurance companies.
Banks and insurance companies will never regulate themselves. They have no incentive to do so.
The overall comments from previous writers is most almarming. The CU Movement has served D/ca well for the past 50 plus years. Many of the inniatives started by the movement brought the banks in check, making them take notice of small income persons. Many of you forget that most of the services offfered by credit unions are free or for a minimal cost to members, versus the banks that charge for eveything & even a monthly service if your account falls below a certain amount. The international standards forced Credit unions to implement the idea of “permanent shares”, which cost $50. They had no choice in the matter. How many so called “ma lawe” own shares in the local banks? As a member you are part owner of your credit union & have a say in how it is run. Do you have that right in the banks? Yet many of you swallow what ever the bank tell you without complaint but insist on demonizing your local credit union & its leaders, SHAME ON ALL OF YOU.
I’m am certain the “issues” raised by Credit Union Member, No FOOL, prissy, Francisco Etienne-Dods Telemaque, & Creditunionist, can be logically explained when the facts are presented. By you all suffer from a crabs in a barrel mentality. Alas TYPICAL DOMINICANS
Akroyd, when the Credit Union becomes the biggest loans and saving institution in any country it has to be treated as a bank.
Mr. Birmingham, that statement doesn’t say who is targetting the Credit Union. We the 40,000 members would like to know who those persons are. Will you tell us………….
” He boasted Dominica to be the first country to have gone into International Financial Accounting Standards and have adopted international accounting standards.”
When we speak of accounting, I hope we are not simply talking about accounting which entails the balancing of the books, and the amount of money gave out in loans, and the profit made by the credit union.
I would hope that Birmingham, include the credit unions accounting for monies that were deposited in the credit unions which disappeared, and the depositors are left penniless with no one held accountable for the disappearance of the depositors money.
If you are talking international standards; the international standards should also apply to when a credit union is bankrupt, or taken over by another branch, the depositors should not lose their hard earn money which they deposited in the defunct credit union.
There are people in Wesley, who deposit their money in a credit union that was once in Wesley, and I believed moved to Marigot, my nephew had his deposits in Wesley, however, all of his money has disappeared.
How do you account for that?
Should my nephew money be accounted for as a total lost, without anyone held accountable for his deposits!
In the event you are reading this and you do not wish to respond to my comments on DNO, you can respond in private to me via [email protected] or through my E-mail: [email protected], you can also reach me at telephone numbers: 323-730-8530, 323-731-7436, 951-310-2895, or you can also reach me via my Onstar #323-533-0478
I am most interested to hear what you have to say about the disappeared money of the people of Wesley, including my nephew!
Francisco Etienne-Dods Telemaque
MR TELEMAQUE YOU ARE SO RIGHT. MY BROTHER TO, DID OPENED SAVINGS ACCOUNT FOR HIS KIDS AT THE PORTSMOUTH CREDIT UNION .
HE LATER MIGRATED TO THE USA, LAST YEAR SOME OF KIDS WENT HOME TO VISIT, MY BROTHER ASKED THEM TO CHECK ON THOSE ACCOUNTS.
WHAT THEY FOUND WAS SHOCKING. NOT ONLY WAS THERE NO MONEY IN THE ACCOUNT BUT THAT THERE NAMES WERE NOT IN THERE SYSTEM
EITHER. SO PEOPLE WHAT IS BEING DONE IS FOR YOUR OWN PROTECTION ,DON’T LET THEM STONEWALL YOU.
YOU KNOW THE SAYING SOMETIMES WHERE THERE IS SMOKE THERE’S ALWAYS FIRE.
THE BANK ALSO HAS THAT SAME PROBLEM. MONEY WAS WITHDRAWN FROM MY MOTHERS ACCOUNT WITHOUT HER KNOWLEDGE. WHENEVER SHE WOULD GO TO THE BANK THEY WOULD TELL HER THAT SHE COULD NOT WITHDRAW MONEY WITHOUT AN ID. WHICH I DO UNDERSTAND BUT SHE WAS IN HER EIGHTIES AND DID NOT WANT TO GO THROUGH THE PROCESS OF GETTING AN ID. SHE PASSED AWAY THE YEAR BEFORE AND HER ACCOUNT SHOWED SEVERAL WITHDRAWALS MADE DURING THE TIME SHE WAS TOLD SHE COULD NOT WITHDRAW HER OWN MONEY. ALSO
$10,000 FROM AN INHERITANCE THAT WAS DEPOSITED INTO HER ACCOUNT IS NOT SHOWN EITHER., WE FOUND THE DEPOSIT SLIP BUT NO ENTRY WAS MADE ON HER BANK BOOK OR STATEMENTS AT THE BANK.
SO IF YOU ARE OUT OF DA. AND HAVE MONEY IN ANY OF THESE INSTITUTIONS BE SURE TO MONITOR YOUR MONEY PERIODICALLY.
THE CREDIT UNION IS THE BIGGEST DISAPPOINTMENT TO THE POOR PEOPLE IN THE REGION. THAT IS WHY YOU GUYS ARE BEING TARGETED. I FOR SURE WILL BE REMOVING MY ASSETS FROM THE CREDIT UNION SINCE THE CU IS NO DARN DIFFERENT FROM THE BANK. POOR PEOPLE SHOULD TAKE ALL THEIR ASSETS OUT OF THE CREDIT UNION AND LET THEM GO INTO DORMANCY.
We all know that the credit unions aren’t as regulated as the banks. We aren’t saying that there’s no regulation.
And why are they preparing their own legislation for regulation, it seems like conflict on interest to me. There should be an independent authority formulating any legislation…
Mr Birmingham I am really surprised that you’re coming out to talk in defence of the Credit Unions when all you have done is killed the actual nature of the credit unions in Dominica.
When Sister ALica began the credit union she didnt begin it as a Profit making organisations but yet you have changed it to a profit making organisation. so the moto should change and it should have but for profit. Done are the days when a ma lawe like me could open a creidt union book with a 2.00 or 5.00 now if you dont have 60 -70 dollars up u cant open an account.
In the past one could come for a loan of 50.00 now is luck and chance to get a loan for 50.00.
Right now u trying to trick all credit unions to merge with roseau to form one national credit union making it look like its going to benefit us in the long run only to find out its going to just kill all the small village credit unions. Whats your say on that. You heart is not for the credit unions welfare its for the banks. IF you know so much about regulations why are as a board member of one of the banks not ensuring that regulations take place thus avoiding all that scandal which is presently happening? its good to know that you are aware that regulations must take place within a financial institutions so why arent u enforcing it all over