• National AML/CFT ACTIONS
• Regulatory & Law Enforcement Agencies
• AML/CFT Policy
• STR Reporting
• PEPS
• Due Diligence
• Client Identification/verification.

Every year the Credit Union staff and volunteers around the island are exposed to Anti-Money Laundering Refresher Training as recommended by the Cooperative Societies Act #2 of 2011.

NCCU Pays a 6% Dividend on Member Shares

When the NCCU HELD ITS 3^RD Annual General Meeting on May 8, 2012, at the St. Luke’s Primary School in Pointe Michel, members learnt that their Credit Union had recorded strong performance in 2012.

In addressing members at the AGM, President, Dexter Ducreay, described the performance of NCCU’S “financial bottom line for the reporting year as a ‘beacon of hope’ in keeping with the AGM’s theme “NCCU- a Beacon of Hope in Challenging Economic Times.” He further stated that the NCCU is “financially sound”.

The Society’s total assets grew by 6.6% or $23.4M to $378.6M fueled by an amazing 10% or $24M growth in the loans portfolio. 1091 new members swelled the membership roll to 36,261 at the end of 2012 and increase of 3.11% over 2011.  As a result, Member Share Capital increased by 3.36% or $91,450 to $2.8M.

Members’ confidence in the NCCU was further highlighted by the $17.2M dollars in savings and deposits which were invested in their Credit Union increasing total liabilities to $336M.

The Society earned total revenue of $27.75M exceeding the previous year by $2.12M or 8.28%.  An operating surplus of $5.59M was recorded which was reduced to $1.95M after provisions, depreciation and write offs.’

At the end of the meeting, members unanimously approved management’s recommendation that a dividend of 6% be paid on Member Share Capital.

Mr. Michael Augustine has been elected as the new President of the NCCU.  His election follows the Credit Union’s 3^rd Annual General Meeting (AGM) which was held at Point Michel on May 8, 2013.

Vice President, Dexter Ducreay; Treasurer, Fevrier Valmond; and Secretary, Rhoda Celaire are the other directors elected to serve on the Executive.

Ian Michael Anthony and Isabella prentice were re-elected to Chair the Supervisory Committee and Credit Committee respectively for another term.

Clement Marcellin, Jr. continues as Deputy Chairperson of the Supervisory and Roanna Joseph as Secretary to the Credit Committee.

Members present at the Society’s 3^rd AGM demonstrated their satisfaction with the volunteers’ management of the NCCU in 2012 by returning all members of the Board and Committees for another term.

RIU Panama Plaza Hotel, Panama City

Join the Caribbean Confederation of Credit Unions for its 56th Annual International Convention and 42nd Annual General Meeting which will be held from June 21 – 25, 2013, at the RIU Panama Plaza Hotel, Panama City, Panama, under the theme “The Credit Union Difference: Members Matter Most”.

The historically and architecturally rich Panama City, will host a truly global event as Credit Union Executives Society (CUES) whose membership comprises Credit Union Executives and Directors in fourteen (14) countries worldwide, again partners with the Confederation to host the event.

Co-operative Sector leaders, managers and their peers will have the opportunity to network and participate in general and breakout sessions emphasising the Credit Union Difference and its services and systems to satisfy members’ needs.

Twenty-two (22) Credit Union management and staff will form the contingent from Dominica this year.

This photograph is complements DAVIBES.

The League’s AGM was held at the Garraway Hotel on Saturday, April 20, 2013. The Theme: Credit Unions…. The Vehicle for Economic & Social Development, is a reminder to all volunteers and employees that efforts must be redoubled to espouse the Principles of the Movement and to provide services and products for the members.

These sentiments were expressed by outgoing President Mr. Cletus Joseph.  Mr. Joseph reminded those present that the task ahead is challenging and it is imperative that Credit Unions improve their operational efficiencies and effective governance.

The United Nation declared 2012 as International Year of Co-operatives and the national committee suggested that the financial cooperatives adopt non-financial cooperatives. The West Coast Credit Union accepted the challenge.

Vice-president of the WCCCU Ltd Glenroy Toussaint said “this partnership is geared at meeting the objectives of both institutions”. We at the WCCCU are looking are ways to expand our membership base and in so doing, we are hoping to expand our revenue base as well. Through this partnership agreement, the St. Peters Fisheries cooperative will be able to expand by creating employment within the community as well as to meet the needs of its members.

Meanwhile, president of the St. Peters Fisheries Cooperative Mr. Francis Paul stated that the partnership can be a win-win venture. “We see it would be fitting if WCCCU provides the two needs that we have; to have paid personnel to run the affairs of the cooperative, as well as provide the facilities whereby we can acquire some form of transportation in the hope that we will repay the money, and at the same time we can service the current members of the credit union in the parish of St. Peters.

On behalf of the aboard of Directors of the Dominica Cooperative Societies League Ltd, I welcome you to this the 10th OECS Credit Union Summit. We convene here in Picard, Portsmouth under the theme:  Cooperatives – The Engine of Growth in Tough Economic times.

This is in keeping with that chosen for the celebration of the International Year of Cooperatives, as designated by the United Nations. Thus, being the International Year of Cooperatives, we have decided to have the non- Credit Union cooperatives to share in this summit. We do hope that this is a new start for cooperation amongst cooperators, since, as the Cooperatives Societies League, we have included closer collaboration with non Credit Union cooperatives on island as part of our strategic development plan.

This theme recognizes the impact that bona fide organizations, designed by users for themselves, based on, and driven by solid and unselfish underlying doctrines can have on the local, regional and global economies.

This theme also provides the opportunity on the one hand and challenges us on the other, as cooperators, to renew our efforts at ensuring that these principles upon which we have been built, are always kept as a beacon, at the forefront of our endeavours, since they have led not just to our survival, but tremendous success.  These tenets of our movement have ensured that the Cooperative Business Model performs sustainably, through the many economic depressions, world wars, ravages of climatic adversities, and other man made or natural phenomena.. Cooperativism is indeed, a resilient model.

Today, the Cooperative Business Model is perhaps just as useful as it was 150 years ago, given the modern unique challenges facing us. It has proven to be resilient and successful in the tumultuous global economic crisis that has plagued every major economy during the past five years 2008 to 2012.  Infact, we can say that given our Principles, the world economy would not be subject to such violations, if it were based on our Cooperative Business Model, which has eliminated the effect of greed since it is based on “for the people by the people”.

Against the backdrop of a messy financial and economic world environment, where major world economies are struggling and failed in many instances, we the 62 683 Credit Union members of Dominica to take utmost pleasure in welcoming you to our shores for this the 10th OECSCredit Union Summit.  At this time I will ask that each delegation rises as I call you: Antigua &Barbuda, St. Christopher & Nevis, Montserrat, St. Lucia, St. Vincent & the Grenadines, Curaçao, Dominica.

I also would like to recognize representatives from:  CCCU, CUNA, Cooperative Divisions, FSU, FIU.  It would be remiss of me, not to recognize the youth in our midst as we recognize that you are the future who will carry on the legacy of the movement.  As well as any CARIBDEs who are here present. You bring energy.

Cooperators, I urge that we make the very best use of this tremendous opportunity for networking, forming strategic alliances and partnerships, training and education, while enjoying the unique Dominican environment and experience, especially the Creole flavor. Despite the effects and challenges of the weather, but it again brings out the resilience in us.

In conclusion, I quote from the President of the CCCU at the recently held conference in Jamaica: “as time change, many institutions change their story to stay relevant. However, co-operatives are more relevant today than ever, because our story of financial service integrity, humanity and people centred development is still the same, as it was from the inception of the movement over 150 years ago.”

Once again welcome to Dominica and the 10th OECS Credit Union Summit.

Thank you.

This year we are expecting a contingent of three hundred and fifty persons, representing five (5) credit unions from all over the OECS. There are ninety-five (95) overseas guests currently registered. Some of the topics to be reviewed include:

• Money Laundering Prevention Act;
• Youth in Co-operatives;
• The Harmonized OECS Co-operative Act;
• The Co-operative Principles;
• and the role of  the Producers Co-operatives in the Economic Development of the OECS.

The working session of the summit comes to a close with reports from OECS youths in Co-operatives and a panel discussion on the readiness of the OECS Credit Union to take advantage of the OECS Economic Union.

1. To be qualified for $2, 500.00 members must contribute $60.00 every year.
2. No payment will be made unless the person has been enrolled for 6 months prior to the date of his/her death.

For information about the Bereavement Plan contact your credit union of the League at telephone number 1-767-448-4051.
The League aims to provide the highest quality of products and services to enable affiliates to improve their living standard.

Cooperatives contribute to food security, rural development, and other social services

The United Nations General Assembly has declared 2012 as the International Year of Cooperatives, highlighting the contribution of cooperatives to socio-economic development. In adopting resolution 64/136 on 18 December, the Assembly noted that cooperatives impact poverty reduction, employment generation and social integration.

A cooperative is an autonomous voluntary association of people who unite to meet common economic, social and cultural needs and aspirations, through a jointly owned and democratically controlled enterprise. In general, they contribute to socioeconomic development. As self-help organizations that meet the needs of their members, cooperatives assist in generating employment and incomes throughout local communities. Cooperatives provide opportunities for social inclusion.

In the informal economy , workers have formed shared service cooperatives and associations to assist in their self employment. In rural areas, savings and credit cooperatives provide assess to banking services that are lacking in many in many communities and finance the formation of small and micro businesses, promotes inclusive finance.

The cooperative sector worldwide has about 800 million members in over 100 countries and is estimated to account for more than 100 million jobs around the world. The strength and reach of cooperatives are illustrated in the following examples, under the umbrella of the World Council of Credit Unions, 49,000 credit unions serve 177 million members in 96 countries, and 4200 banks under the European Association of Cooperative Banks serve 149 million clients; agricultural cooperatives account for 80 to 99 percent of milk production in Norway, New Zealand and the United States; 71 percent of fishery production in the Republic of Korea; and 40 percent of agriculture in Brazil. International Years are declared by the United Nations to draw attention to major issues and encourage action.

Today, however, it is possible to lease virtually any kind of fixed asset.

Firms generally own fixed assets and report them on their balance sheets, but it’s the use of the building and equipment that’s important, not their ownership per se.

One way of obtaining the use of assets is to purchase them, but an alternative is to lease them. Leasing traditionally was generally associated with real estate – land and building. Today, however, it is possible to lease virtually any kind of fixed asset.

Leasing takes three different forms: sale – and –leaseback arrangements, operating leases and straight financial, or capital, leases.

• A Sale and Lease – An arrangement whereby a firm sells land, building, or equipment and simultaneously leases the property back for a specified period under specific terms.
• Operating Lease – A lease under which the Lessor (the owner of the leased property) maintains and finances the property; this is also called a service lease.
• Financial Lease – A lease that does not provide for maintenance service, is not cancelable and is fully amortized over its life; also called a capital lease.

Potential Benefits from Leases Financing.

• Flexibility and conveniences. It is often argued that lease financing is more convenient than other forms of financing because smaller amounts of funds can be raised at lower cost and that lease payment schedules can be made to coincide with cash flows in some case generated by the asset.
• Lack of restrictions. Lease financing require fewer restrictions on the lessee than do debt agreements.
• Avoiding the risk of obsolescence. The lessee is not stocked with the asset if it becomes obsolete.
• Cash outflows pitons. Unlike the cash payment of an asset the lessee is able slow down the use of funds and at the same time can use cash flows and working capital otherwise might spend on the asset.