Although there are differing types of co-operatives, they are generally speaking, all based on the principle of self-help, self-responsibility, democracy, equality, equity and solidarity. Membership is open to anyone who satisfies certain non-discriminatory conditions.

The masses throughout the wider Caribbean and in Barbados, in particular, given the ownership of the banking industry, formerly colonial and/or North American and now still non-indigenous, looked to co-operatives as a financial saviour.

We agree with Central Bank Governor Dr Marion Williams that "their structure needs to be changed so that it facilitates quick decision making". But we do not support silencing the membership. The fundamental point is that whereas commercial banks are in business for profit and shareholder satisfaction, credit unions exist to serve their members.

Whatever we do, we must ensure that the ingredient of member-ownership remains the differentiating component, notwithstanding the common banking services provided by both co-operatives and commercial banks.

Undoubtedly, the movement has sliced off a formidable piece of the financial pie, but it has done so successfully and with an unblemished record. Why, therefore, does Governor Williams feel the necessity for her institution to have a "watchdog" brief when the Registrar of Co-operatives already has statutory supervisory authority?

The question at issue seems to be the determination of the status of co-operatives vis-à-vis commercial banks. Both entities are not regulated by common legislation nor is each required to comply with Central Bank regulations in similar fashion.

Although money laundering is no respecter of institutions, the general level of deposits of members would likely make a money laundering transaction stand out like a sore thumb.

Already, no doubt because of increasing stiff competition, there have been murmurs from the commercial banks for credit unions to be made to comply with deposit liability requirements. Enforcement of this stricture would dry up a portion of its deposits and would seem appropriate only if the movement were made to come under the umbrella of the Financial Institutions Act.

Yes, the movement must go with the times but not at all costs, and certainly not, if such "progress" results in its members "having their hands tied". That its management must be proactive, forward-thinking, creative, innovative and technologically driven is almost an understatement in today's business world. One benefit is the opportunity for members to acquire more intimate knowledge of the business world.

Co-operatives belong to the people.