Ducreay sees amalgamation as stepping stone for smaller credit unions

RCCU Board of Directors at last night's special meeting.

President of the Roseau Cooperative Credit Union (RCCU)Dexter Ducreay is convinced that the amalgamation of the RCCU and four other credit unions will result in an improvement in  these  institutions, leading them to excel  both locally and regionally.

Yesterday at a special meeting, members of the RCCCU voted to move resolutions to amalgamate the Vielle Case, St. David’s, St. Paul, La Salette Credit Unions and RCCU to form the National Cooperative Credit Union (NCCU). They also voted to move a resolution for the transfer of assets and liabilities to the RCCU.

The four other credit unions have already voted in favour of the merger.

In an interview with reporters last night, following successful elections, Ducreay said that the merger will combine resources and efforts hence making the institution stronger and better able to face adversities.

Noting that the RCCU is deemed the “strongest” credit union in the Organisation of Eastern Caribbean States (OECS), Ducreay told reporters that there are many benefits to this amalgamation.

“The smaller credit unions, they will have access to more money… access to more services …. One of the services as we know will be the ATM machines because the other four credit unions do not have ATM machines, so they will have access to that,” he stated.

“Of course they can now be protected when the turbulence comes down the line. As we know, we were affected by Clico and some of the [other] credit unions…it’s a challenge for them. In fact, we ourselves we have money invested in Clico but because we are of that size it didn’t affect us significantly. So the credit unions coming on board they will be protected with a bigger institution…” he added.

He explained that each credit union will be a branch of the main NCCU which will be the head office.

“With the four other credit unions we will continue to lead Dominica as well as the OECS,” he stated.

According to Ducreay, the total assets of the NCCU will be $319.8 million dollars with a membership of about 35,000 upon amalgamation.

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6 Comments

  1. Mike Rabess
    September 10, 2010

    The basis of the Credit Unions is support and self governance not on the availability of credit cards and ATMs. We all have access to retail banks if we are in need of what they offer. Bigger may be better for banks but for credit unions small and personal is good. That is what the credit union is about.

    With this amalgamation individuals with different interests and lifestyles will be in control. Why would a Vielle Case or St. Davids credit union member agree to have RCCU take over of his credit union. Look at the composition of the new board.

    As I see it, this amalgamation is a ploy to take economic power and control away form the the rural communities and centralize it in the hands of the urbanites. The little man, through his hard work, prudence and thrift has developed a strong community based financial institution that provide a personal touch and care to handling the community savings. Ironically, it is this achievement which make the successful credit unions a target in the sights of the Roseau based professionals who seek to increase the RCCU’s asset base and control of the economy. It is interesting to note that it is the stronger, better managed credit unions which were included in this “hostile takeover” by the RCCU. Offer them credit cards, ATM access, wire transfers and take control of their money. Kinda like the 16th century beads for bodies transaction.

    Of course this amalgamation effort has been pushed and prodded by the government as they have been pressured by the OECD. It all about centralizing control.

    We all have heard of the phrase “ to big to fail” heres is one for you “to big not to tax”

  2. Ben Laden
    September 9, 2010

    Well done amalgamating credit unions. I no that is a blow for dem haterxxxxxxxxxxx.

  3. j
    September 9, 2010

    its more like their tomb stone and rccu’s stepping stone

  4. naomi
    September 9, 2010

    As a member, all I am interested in is the debit card that will be or an be used anywhere visa is spotted. So I do hope that the amalgamation can bring that sooner. Too often we are abroad and we must call through a phone to know our balance, but have no access to it. Come on RCCU ot the National credit union of Dominica. help us out thee please we are broke and need our monies. never mind we will still put.

  5. BELZBOB
    September 9, 2010

    This is great news. Good job guys.

  6. Anonymous
    September 9, 2010

    La salette has an ATM

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