The Credit Union Movement continues to be a principal player in Dominica’s financial sector providing over 50% of the total lending in the country’s financial system.
The Dominica Cooperative Societies League Ltd, in its 2016 annual report, states that this has prompted “a greater call by the regulatory authorities and regional bodies for the strengthening of the regulatory framework for the supervision of this sector.”
According to the League’s board of directors, the Credit Union Movement continued to grow as a sector in the economy of Dominica moving from a capital base of $665,170 million in 2015 to $730,121 million in 2016.
Total assets increased by 65.24 million to 730,411 million , a 9.81% increase over 2015. The loan portfolio grew steadily from 462.38 million in 2015 to 488.53 million in 2016. There was also a 3.37% or $13.57 million increase in members’ savings and deposits at a time when, according to the League, interest rates on deposits worldwide were “plummeting.” “Members savings increased moderately from 402,653 million in 2015 to 416,219 million in 2016,” the Directors’ report states, adding that members share capital recorded an 8.91% or .635 million increase from 2015 to 7.765 million in 2016.
Liabilities also increased from 596,866 million in 2015 to 653,259 in 2016, an increase of 56.393 million or 9.45%. .
Despite the current financial and economic situation affecting Dominica, the results of the operations of credit unions in 2016 has also found favour with the League. Membership increased by 11.1% from 67, 787 in 2015 to 75,310 in 2016, an increase of 7,523 members. These figures, according to the report, contain an element of dual membership.
The new executive of the Dominica Cooperative Societies League Ltd comprises Alganan Degallerie as President, Rhona Tyson – Secretary and Valantine Telemacque – Treasurer.
The 60th Annual General Meeting of the Dominica Cooperative Societies League was held on Saturday April 22nd at the Garraway under the theme: “Resilience” Developing pathway to sustainable growth and development through cooperatives.
These figures are truly crazy, total assets of 730, 411 million that is 730.411 billion $$$, is this correct?
That young boy at the head table playing big man and is everybody in posse he asking to help him, BRAGGA.
Woye, who dat? Who is he asking? Mind allyuh get yourself in trouble slandering hard working folks’name. Stop malparlaying folks for grudge.@ Lena.
That’s great… diaspora would like a direct online way to save or invest money from another country to a DA bank.
There must be a Dominican who can manage a water company and a boat to ship water down island . The credit union should finance that project , and the boat can carry goods at the same time, and employ lots of people who will save more money to finance more projects , we have to think like big business people and move out country forward , and bring the common man and women along with us. We have a lot of smart people find them, stop thinking peanuts , think gold . Our people should not be begging and singing For their supper, we have natural resources like stones, someone can manage a stone crusher , there is lots of things the credit union can do better to move the country forward .
Who are the biggest exporters and importers in the country. The credit union have to finance bigger projects like buying a fishing trawler , commercial passenger boat, regional air line, whole sale goods, manufacturing of local product , the leaders of the credit union have to be big thinkers, every yr they are talking about how many millions the people save , we should create jobs with all that money , not just do small things , that’s where leadership comes in , start thinking big, then you will create big things. You are not under the British any more we have to make the neccesary changes to employ our people , to many people coming to roseau doing nothing , the credit union must help create the jobs with the people’s money.
It’s entrepreneurs who take the lead on that, not financial institutions. If you want to see those things, then great, put together a business plan and approach the credit union for a loan to get that business started.
Good stuff @ steve.
Congratulations for a job well done, good show
Will never forget the contribution of Catholic Nun Sister Alicia, who founded the Credit Union movement in Dominica. May she rest in peace.