The membership of the National Cooperative Credit Union Limited (NCCU) has passed a resolution to allow for the inclusion of two credit unions to the financial institution.
In 2010, the Roseau, La Salette, Vieille Case, St’ David’s and St. Paul’s credit unions amalgamated to form the National Cooperative Credit Union.
A resolution, to allow the assets and liabilities of the South-East and Castle Bruce Credit Unions to be merged with the NCCU, was taken at the organization’s fifth annual general meeting in Mahaut on Tuesday 19 May 2015.
The decision to pass the resolution was criticized by some members, including Clement Carty who has been involved in the credit union movement for a number of years.
“The way I know this to be done is that a copy of the resolution would be sent to the members and then it would be circulated and then we would come here and discuss it,” Carty said.
“Now you’re going one step further, to put it to the meeting so that a decision be taken, but there is no discussion, nothing on this thing. We have to do things correctly Mr Chair,” Carty added.
Another member of the credit union movement, from the St. David’s branch also criticized the resolution due to lack of information about the decision.
“We have never heard of this merging, we have never heard anything; no outreach meeting was called in Riviere Cyrique so I don’t think we are ready for that merge yet because we don’t know about it,” the member said.
However, president of the NCCU, Michael Augustine explained that the institution held several outreach meetings since its last AGM.
“We’ve had several, several, outreach meetings informing the members of the intention to transfer the assets and liabilities,” Augustine informed.
One of the directors of the NCCU, Dexter Ducreay, informed the meeting that the NCCU held consultation meetings in several of the communities which he participated in.
Ducreay, who acknowledged that “you can never do enough consultation”, said the amalgamation is “working for us. Right now the NCCU, the big five is stronger than ever and all the branches are doing very well”.
According to Ducreay, the Mahaut branch, which formally “could not pay a dividend” or pay interest on its savings, is now “receiving dividends every year of six percent. This is the beauty of the amalgamation”.
Additionally, he said the La Salette branch was doing “very bad” but is now making money.
“It’s a cooperative kind of thing and we need to embrace them so we can build it and make it stronger. So I ask you that we need to move forward with that process,” Ducreay encouraged the membership.