THE Credit Union Movement must prepare itself for a new monitoring mechanism by the third quarter of 2006.

These were the views expressed by the Governor of the Central Bank of Trinidad and Tobago Ewart Williams, as he addressed a large cross-section of Credit Union Presidents and Leaders representing 47 financial co-operatives at a Breakfast Session at the Crowne Plaza Hotel on Wrightson Road, Port of Spain.

Williams explained that the new Credit Union Bill which will make sweeping reforms of the existing legislation will incorporate the close financial monitoring of credit unions to ensure the integrity of the overall financial system and more importantly, to protect the savings of the credit union members.

Central Bank Governor,
EWART WILLIAMS

He disclosed that widespread discussions will be held with the Co-operative Credit Union League of Trinidad and Tobago so that the special needs and characteristics of credit unions will be respected and emodied in the new piece of legislation.

He explained that the sub-sectors of the Movement, including Central Financing and the Stabilisation Fund will be critical elements to an integrated Credit Union System, and cautioned that participation in these co-operative enterprises will become mandatory.

President of the Co-operative Credit Union League of Trinidad and Tobago Gary Cross welcomed the moves to dialogue with the league on every stage of the process, and in turn urged the constituent units of the league to protect and safeguard their uniqueness and their democratic principles.

He stressed that constituent member organisations of the league must assist the overarching organisation to fashion the new monitoring mechanism with the central emphasis of perpetuating self regulation of the Credit Union System.