The Dominica Cooperative Societies League Ltd ( DCSLL) has registered an increase in its total assets for 2018.
DCSSL manager, Phoenix Belfield announced at the Society’s 62nd annual general meeting (AGM) held at the Prevo Cinemall on Saturday, that its assets had increased to $887 million in the last financial year.
“Our total assets have increased this year to $887 million and our financial institutions are considered by the ECCB [Eastern Caribbean Central Bank] to be systemic important,” he said. “That’s just a big word to mean, you are too big to fail.”
According to Belfield, there is a level of pride and a level of worry that comes with such a terminology, “because it means that you will attract greater scrutiny…”
He said further that as a movement, the DCSLL has evolved.
“For us, as a movement, we have evolved and because of that evolution, the times are changing; the financial landscape is changing. The requirement for us, in terms of compliance, is significantly different,” he stated.
One of the things that needs to be highlighted, Belfield pointed out, is the importance of the Credit Union movement as a financial institution.
“We now have to think outside the box; we now have to think, as a credit union, as a movement we can evolve,” he advised.
The DCSLL manager noted that its member institutions have been negatively affected by Hurricane Maria and the withdrawal of Ross University School of Medicine (RUSM), and are also getting increased competition from the non-financial institutions.
“For us we are getting increased competition from the non-financial companies. There is also a robust regulatory environment that we, as credit unions, have to find ways to mitigate against,” he explained. “The changes in the financial landscape and the evolving population demography are of great concern to us.”
“the times are changing; the financial landscape is changing”. You are right sir. This is something that I have been saying for years. The financial capital is greatly affected by the growing trends of the money market where both savings and investments are decreasing if we are being honest with ourselves. Sadly it is not something easily remedied by one organization or state. It is good to see that the assets grew despite all the challenges.