Several bankers on the island are now expected to be better able to deal with delinquent accounts.
The bankers, who represent most financial institutions on the island, are currently taking part in a four-day workshop being conducted by the Eastern Caribbean Institute of Banking and Financial Services.
Chief Executive Officer of the National Cooperative Credit Union, Alymer Irish, explained there that a significant amount of the banks revenues comes from loans and that it is necessary to properly understand the underwriting and collection process.
He said it was important to understand the objective of risk analysts because of the financial meltdown.
“Our objective must be to minimize credit risks. We are still experiencing the effects of the financial meltdown and it was said that mortgages are partly responsible for it…” he explained.
According to Irish, the underwriting of a loan must be strong enough to create a reasonable expectation that it will be repaid.
Meanwhile Resident Representative of the ECCB, Edmond Robinson, says understanding the important role of money should begin at an early stage.
“We believe that having the appropriate skills to understand the importance and the role of money, savings, budgeting, credit and financial planning are critical to the development of our people, and as such, should be part of the instruction received by individuals from primary, secondary schools and beyond…,” he said.
So summer vacation has begun and BAM! Many and I say many, of our children are off to summer camp (Educational boot camp it is called in many cases) in preparation for National assessment grades three and six. I say this as the last paragraph caught my attention. So many of our children are lacking in areas such as understanding financial responsibilities, language skill as in learning to speak properly, critical thinking, etiquette and the list goes on. I think that parents should make special effort to understand ‘education’ and not see it only as the results of national assessments to have our children achievements make us proud. What about educating them in a more wholesome manner? Financial education should begin at home and summer programmes should cater to the like. Lets raise children who will be able to manage their affairs when they grow up. As important as it may be, do not educate your children for national assessments. Educate them for life and then national assessments will be a no brainer for them.
THEY NEED TO TEACH THEM HOW TO GIVE PEOPLE A BREAK AND STOP CALLING THEM WHEN THEY OWE KWASSS MONEY
Pay de kwassss money and they will leave u alone. Leases money adds up u know. If 15 people owe u $1 that is $15 people owe u eh!!!
They are not calling you because you owe “kwass” money. I think that as borrowers we need to take our responsibility to repay our debt more seriously. If you are having difficulties meeting your commitment to pay then you should go in and talk to the financial institution. Many persons borrow and then they ‘forget’ the debt. As a result the banks, credit unions, fast cash etc must try to recover the debt by calling the borrower. Some persons are genuinely unable to repay while some do not set their priorities straight and they just don’t pay. If the institution trust you to give you a loan then you should trust yourself to repay that loan.
What happen? Is charity?
ah feel you are one of dem