Caution to credit unions
PRIME MINISTER Freundel Stuart has cautioned the credit union movement to carefully explore the idea of setting up a co-operative bank with its membership.
Stuart said, “I accept that Barbados needs indigenous banking solutions to help cushion the impact of external financial shocks” but added, “wisdom prescribes that the co-operative movement think carefully and discuss extensively the merits and demerits of this idea.”
Speaking at the official opening of the new headquarters of Co-operators General Insurance Company Limited at Upper Collymore Rock, Wednesday, the Prime Minister said he was aware the credit union movement was spearheading the prospect of establishing a wholly locally-owned Barbadian co-operative bank that would provide additional financial services to credit union members.
“Were these discussions to lead to a consensus in favour of the idea of a co-operative bank, our co-operative movement would once again be giving history a nudge, as Barbados approaches its 50th anniversary of independence” the Prime Minister said. (GC)