President of the National Cooperative Credit Union (NCCU), Dexter Ducreay, told a special annual general meeting of the organization in Vieille Case last weekend that it was because of their “trust in them” (the board) and their involvement in the organization, the credit union is able to thrive and provide so many important benefits not only to members, but also to the community.
Twenty five years ago, the then Roseau Cooperative Credit Union (RCCU) passed a resolution to amalgamate with other credit unions on the island.
According to Ducreay, this resolution was “forgotten” until exactly five years ago and as president of the then RCCU; he received a letter from the Vieille Case Coop. Credit Union about their interest in amalgamation.
“At the time, we were uncertain as to how to deal with such a request,” he said. “After much discussion, we decided to thrust forward. Very soon after, three other credit unions, St. Paul in Mahaut, La Salette in Pointe Michel and St David in Riviere Cyrique expressed interest. Although these five credit unions had diverse backgrounds and challenges, they were propelled by one common goal, service to their members.”
Ducreay said that these five credit unions were experiencing various challenges.
“They were as follows: Roseau- it had a vault of cash on its balance sheet but was not growing at a significant pace. Growth is very vital to any organization survival. Vieille Case, although professionally managed, cash was limited. Therefore, it could not provide the volume of loans that it members needed. Mahaut, it had major operational issues. It could not pay interest on saving and dividends to its members,” he remarked. “Pointe Michel and Riviere Cyrique had similar issues with Vieille case; management was robust but because of limited cash on their balance sheet, the granting of loans to its members was limited. As of today, I am proud to announce as your President, that the branches of NCCU are much more resilient than they were five years ago,” he said, adding that this is possible because members voted ‘yes’ for amalgamation.
He noted that that as a consequence, amalgamation has undoubtedly strengthened each branch.
“We come here today, five years later, to ask you to vote on a resolution to add South Eastern Cooperative credit union and Castle Bruce Cooperative Credit Union – our brothers and sisters in the movement, to our great organization-NCCU,” he said. “These two credit unions have issues and are experiencing challenges of their own. I have no doubt that as part of the NCCU family; we will stand with them as they will stand with us to create a stronger family for you the members.”
At a vote for the resolution, the members voted unanimously “yes” to have the NCCU acquire the assets and liabilities of the Castle Bruce and South Eastern Credit Union now making it “the Big seven.”
In my humble opinion I believe that there are better ways for credit unions for credit unions to work together. Amalgamation is not always the answer. I believe that credit unions should have some form of working relationship whereby they can easily provide services to their members through cooperation with other credit unions. For example if vielle case does not have enough cash on hand they should be able to work with Roseau to provide the funding required to provide the service. In this way they still remain independent but are able to meet their members needs. I can say from experience that it is the goal of certain individuals to have one big credit union in Dominica but if that were to happen then the society would loose it’s identity. It would just be another bank, and God help Dominica if that huge institution were to ever fail.
this is a proud achievement for Dominica and the oecs.
Almagamation killed community spirit that credit unions once had. Especially a big institution formerly RCCU being the ‘Main’ branch. They infringe on the way things are done, and local villagers from the respective ‘branches’, feel as if, Roseau people have their fate in their hands. People they don’t identify with, it’s good that Marigot refuses to amalgamate. Marigot would definitely lose the independent aura they have in Dominica.
Couldn’t have said it better. They don’t amalgamate, they take over the smaller Credit Unions. Sooner or later they will close down the smaller offices when the overhead cost of running them become greater than the “profits” or surpluses in credit union terms. They will use the excuse that the banks dont have branches in all communities so we can make it.
Time will tell.
I wonder if this is lucky 7 or unlucky y bwoy
I think mr. Ducreay rellay meant virus of amalgamation. Don’t let these smart fellows use your money for dubious investments. Is your money, you are in control, that is why credit union was set up for the common man in the first place. And watch especially govt. because I’m sure they have their eye on that money too and give you a useless IOU in return like they did with social security.