President of the Dominica Cooperative Societies League Ltd, Dexter Ducreay, has disclosed that the credit union movement has grown tremendously over its 63-year history.
He was addressing affiliates at the 58 AGM of the league on the weekend.
Speaking under the theme “Molding Members…Volunteers for Tomorrow,” Ducreay said that the chosen theme is a clear indication that “we must continue to groom our members for easy transition to leadership roles in the credit union movement.”
The movement, he said, has grown from an asset base of $600 and 68 members in May 30,1951, 63 years ago, to an asset base of $574.271 million and 65,325 members in 2014.
Labelling this as “phenomenal”, Ducreay stated that the credit unions’ financial statements show that the movement’s performance for 2013 “improved when compared to 2012.”
“This has been made possible through the commitment of valued members and the dedication of volunteers and staff,” he said.
According to Ducreay, the assets of the league increased by 7 percent and members’ equity increased by 15 percent in 2013 as compared to 2012.
“During the year 2013, credit unions encouraged their members to increase their share holdings. As a result, members share capital increased by 18 percent compared to 2012. This is a clear demonstration that the credit union business model is solid,” Ducreay said.
He appealed to credit unions to “fearlessly continue to strengthen your balance sheets so that we as a movement can withstand future internal and external financial shocks that may be on the horizon.”
The AGM was held at the Garraway Hotel.
Ducreay, who is serving a second three-year term on the board, was unanimously re-elected to the top post of President with Murphy Wallace as his deputy.
Francis Paul retained his post as treasurer with Josiann Antoine securing the post of secretary.
Congrats my brother Dexter on being elected as President for a second three year term………All the best…..VINCY
I think al banks especially the local ones should be more professional in the handling of persons money and business.
I think all banks especially the local ones should be more professional in the handling of persons money and business.
I have my money in credit union, if I ever hear people stealing the money like the other institutions, I will take all an put it under my mattress.
where is our interest?
Good news hope they do not regulate our credit union to put their hands in the cookie jar. Remember its the poor mans money.
The headline is misleading because it appears to refer to a recent record breaking development especially at this time of a bad economy when the other financial institutions are not doing very well. That the Credit unions have grown over the past decades is nothing new and is quite obvious even to a casual observer. The headline could instead have been Tremendous growth of the credit union movement in Dominica highlighted.
Ducreay, you label it as “phenomenal”. But really you should call it inflation. Those man there foolish we boy. How can you compare financials from 1951?
Well, yes, but even adjusting for inflation I doubt that $500 from 1951 would match over half a billion of today’s dollars.
OneMile. Are you serious! You can quadruple present inflation and there is no way $600 could amount to half a billion dollars.
Some of “us” Dominicans need a dose of “Be Positive”
Dig deeper. You’re only looking at the $600. Ajust for inflation and also consider the member base rose from 68 individuals to over 65,000. Those are not numbers that should be compare with a straight face. Not trying to be negative at all. I’m a member of Possie CU.