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.