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posted 11 Feb 2015, 10:26 by Gerry Kangalee   [ updated 11 Feb 2015, 10:32 ]
Carrying placards reading "Take your sticky fingers off my credit union''; "Kam-liar only reshuffling, reshuffling"; "Bin d Bill" and "Our survival under attack”, hundreds of credit union members protested Government's move to amend existing credit union legislation on Tuesday 10th February 2015..

The Credit Union Bill 2014 and the Co-operatives Societies Amendment Bill 2014' were supposed to be tabled in the Senate on that day.

Members and leaders of the Credit Unions, among them Joseph Remy, President of the Credit Union League and Vice President Desmond Baxter, agreed that the People's Partnership administration must be mad or desperate to make such a move 9 days after the debacle of February 2nd's "Night of the Long Knives'.

A flyer was distributed and stated:

The effects of The Credit Union Bill 2014 and the Co-operative Societies Amendment Bill are destructive to the Co-operative credit union movement. If these bills are passed into law ordinary citizens and persons of modest means will not have a say in their economic destiny and we will see the elimination of small, medium and community based credit unions

The bills will prevent you, the ordinary member from becoming a director or a member of the supervisory and credit committee because it requires you to possess very stringent academic qualifications.

The bills will now impose severe, stringent and excessive reporting requirements to the Central Bank, which will swamp credit unions with administrative costs. They also restrict the type of business activities that your credit union can participate in, thus reducing the possibility for your credit union to earn surplus for distribution among you the members. This will reduce or eliminate the payment of dividends.

The bills will impose high court action against board and committee members.

The bills give the central bank through an inspector the powers to vary, restrict and revoke the operating certificate of a credit union; dissolve the board of directors of a credit union and voluntarily wind up a credit union

The bills treat credit unions like banks where they would now be required to have limits on lending and investments and have stringent capital adequacy requirements. This is inappropriate and would inhibit the growth of existing credit unions and prevent the start-up of new credit unions.

The bills will drive credit unions away from their ideological imperatives towards a more commercial/corporate orientation. This will destroy the co-operative principles that provide the foundation for the sustainability of the co-operative movem
ent. This will be the most severe impact on this indigenous, noble, people centered movement.