Asha Stevenson received an award for her Common Entrance performance.
Kai Dowell received an award for her CAPE results from COB Co-operative Credit Union Ltd., president Henderson Williams.
AMID calls for credit unions to be treated like commercial banks, Senator Maxine McClean said this will not obtain for the City of Bridgetown Co-operative Credit Union Ltd., which remains grounded in serving the needs of its members through any surpluses generated.
Her comments came during the annual COB Cares! Scholarship and Awards Programme named in her honour, at the Lloyd Erskine Sandiford Centre yesterday morning.
Senator McClean, who was the first female president of the COB Credit Union, says the movement is a countervailing force when it comes to financial institutions in Barbados.
“Because we have committed to offering the kind of services to our members, consistent with our philosophy, we have kept commercial banks in line so to speak when it comes to the methods by which interest rates are charged and computed in many instances. Or we have separated ourselves from them in a way that is beneficial to our members,” she said.
Built on the backs and contributions of volunteers, she stressed that there are basic co-operative principles that under-gird the operations of the very existence of the credit union.
“If we are to look at those things, we recognise that we are a financial co-operative operating on the principles of co-operation among our members. Owned by its members, who have a critical role to play in decision making.”
The past president explained that the democratic structure is different from the commercial banking institutions, since it is designed to provide services to its members, and not to make a profit.
“We are able to generate resources to grant scholarships, because the primary objective of the credit union is not to make profit but to perform in a way that is efficient and generating surpluses. But the intention is to provide the best service to members. If we are about savings, the intention should be to pay the highest interest rate we can, if we are about loans, the intention should be to pay the lowest loan rates we can on the best terms and those are the kinds of things that separate us from the commercial banks.”
With members involved in the decision making process, she called for the commitment of the membership to avoid running the risk of being treated like any other finance institution.
“In another institution they would tell you that money should go to the shareholders. We are all the shareholders in the credit union and we will all share in the opportunities.
“You are part of a very important indigenous movement. Started by regular persons like you and me, proving to Barbados and the world, as has taken place in other countries – that we can work together as people to build institutions that shape our future. If we remain committed to this we will continue for decades to come being able to celebrate our success.”
Noting that the Credit Union movement has proven itself time and time again by riding out numerous global uncertainties in the past, and with current challenges and other considerations, such as the UK exiting from the European Union, she said the City of Bridgetown Credit Union has stood strong and will continue to stand strong and grow.
“This movement has transformed many countries in the world. It has transformed the financial sector here in Barbados and I think it is something we should not take lightly, something we should not take for granted,” she said. (JH)