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  • The Bank of Jamaica (BoJ) is to engage members of the Jamaica Co-operative Credit Union League (JCCUL) and other stakeholders on proposals for the amendment and finalization to the latest draft of the BoJ credit union regulations.
  • Minister with responsibility for the Public Service, Hon. Horace Dalley, says this is important as the country seeks to sustain macro-economic stability, which requires the need for “solid, stable and sound financial institutions that are properly and adequately regulated.”
  • Mr. Dalley was delivering the keynote address at the launch of EduCom Co-operative Credit Union in Kingston, today (April 30).

The Bank of Jamaica (BoJ) is to engage members of the Jamaica Co-operative Credit Union League (JCCUL) and other stakeholders on proposals for the amendment and finalization to the latest draft of the BoJ credit union regulations.

Minister with responsibility for the Public Service, Hon. Horace Dalley, says this is important as the country seeks to sustain macro-economic stability, which requires the need for “solid, stable and sound financial institutions that are properly and adequately regulated.”

Mr. Dalley was delivering the keynote address at the launch of EduCom Co-operative Credit Union in Kingston, today (April 30).

“The proposed amendments are based on agreements with the JCCUL and (will) address critical issues, such as omissions, codify certain sound practices within the sector and update and or standardized certain key definitions and terms in accordance with local and international standards,” the Minister noted.

He said changes in the economy as well as events of the past, necessitate the need for an appropriate and acceptable regulatory framework, “otherwise Jamaica’s financial system as a whole will face challenges.”

“The work of the Credit Union movement cannot be divorced from the larger financial sector environment and the macro-economy at large, as our efforts are aimed at correcting one of the biggest challenges facing the economy, that of the size of our public debt,” Mr. Dalley informed.

He said the Government is prepared to work with the Credit Union movement to ensure a seamless transition into the new regulatory environment which, he assured, will be adopted within a framework of mutual trust, respect and dialogue.

In the meantime, the Minister said the Government recognizes the significant contribution of the Credit Union movement to the Jamaican people and its role in contributing to the growth of small businesses.

“Many Jamaicans owe the Credit Union movement credit for their home, their children’s education …for being there in times of emergency and family distress. The credit union has always been there,” Mr. Dalley added.

The Minister cited the continued rationalization of credit unions, which has resulted in a total of 37 credit unions as at the beginning of April, down from 47 in December 2009.

“Today, the Credit Union movement in Jamaica has been largely characterized by efforts aimed at consolidation, so as to benefit from economies of scale presented by a larger capital base; rationalizing staff and associated costs as well as streamlining their operations for more efficiency,” he added.

EduCom is a merger of the AAMM and UWI (Mona) credit unions to become the fifth largest credit union in Jamaica, with an asset base of over $5.4 billion and an expanded membership of over 27,000 and 7 branches islandwide.

In his remarks at the launch, Chief Executive Officer of EduCom Co-Operative Credit Union, Elvis King, said the Credit Union will continue to assist its members to adjust to the prevailing economic conditions and in turn help to drive growth in the country.

EduCom will primarily serve the educational community, to include lecturers, teachers, students, graduates of secondary schools, employees and persons directly employed or had been employed by the Ministry of Education and its agencies, as well as their relatives.