Credit union supervisors from Dominica are among persons from Eastern Caribbean countries who will be benefit from the efforts of the Eastern Caribbean Central Bank (ECCB) to build the capacity of credit union supervisors.
With financial support from the World Bank, the ECCB has engaged the international consultancy firm of Dave Grace & Associates to aid the single regulatory units in Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines.
The objective of the programme is to strengthen the capacity of the regulators responsible for the credit union sector in the six Eastern Caribbean Currency Union (ECCU) member countries, thereby enabling such institutions to further their economic impact in communities.
The programme will also focus on the development of a harmonised on-site supervisory manual, improving the reporting mechanisms for credit unions, training supervisors through a week long workshop and conducting joint inspections with national level supervisors.
Credit Unions hold deposits of up to 30 per cent of Gross Domestic Product (GDP) in some of the ECCU member countries and are seen as important financial intermediaries in the ECCU that serve as the primary financial institution for many communities.
“The credit unions in the Eastern Caribbean are some of the most systemically important financial cooperatives to their national economies that can be found around the world,”according to a release from the ECCB.
The EECB and the World Bank say they look forward to the successful outcome of the consultancy.