ST. KITTS, West Indies (1/9/13)--A project has begun to strengthen the capacity of the regulators responsible for the credit union sector in the six territories of the West Indies, allowing credit unions to further their economic impact in communities.
The Eastern Caribbean Central Bank (ECCB), with financial support from the World Bank, on Nov. 14 engaged the international consultancy firm of Dave Grace & Associates. Together, they aided the individual regulatory units in each territory of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines in building the capacity of credit union supervisors.
The engagement will run through April.
"Credit unions are important financial intermediaries in the Eastern Caribbean Currency Union," said Grace and ECCB. "They hold deposits of up to 30% of gross domestic product in some member states and serve as the primary financial institution for many communities. The responsibility for the regulation and supervision of credit unions resides with local regulatory authorities in the respective territories."
The project will include developing:
- A harmonized on-site supervisory manual;
- Improving the reporting mechanisms for credit unions;
- Training supervisors during a week-long workshop; and
- Conducting joint inspections with national supervisors.