“Caribbean still contracting from Global Economic crisis…” Sir Dwight Venner, ECCB Governor, warns – Rawle Nelson reports
“Despite the ease in the world economic crisis for the United States of America, countries within the Caribbean will still continue to contract,” this is according to the Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner. The ECCB Governor in an exclusive interview with News Link said that the Caribbean is still contracting thus the current economic situation being faced within the region.
Sir Dwight, in his presentation to Credit Union delegates attending the annual convention and general meeting in St Maarten, warned the region has not overcome the financial crisis and therefore should continue with prudent and useful measures. He described the respond to his presentation as being interesting noting that the issue of regulation will continue to be a burning one.
He said that what is important is being cognizant of the system of regulations stressing that finding the ideal system that suits the region is of great importance. He noted that if Credit Unions are to remain vibrant and alive then being able to monitor effectively the global situation will be kept. Venner said that while it’s important to be specific to each person’s country remembering that of paramount importance in constantly meeting international standards.
“…and so we have to carve out that’s pace for ourselves and importantly is that we must meet our local conditions but it must also meet international standards,” the ECCB Governor said. However quizzed on the economic situation of Antigua and Barbuda, Montserrat and St Kitts and Nevis, Governor Venner said “I think like all the countries within the currency union because of the financial crises we are having some very significant challenges”.
“The international crises, even though they may be some easing in the United States what is happening is that these things reach us with a lag of 12 to 18 months so our system is still contracting, so we are having that impact. We have to try and force because in 2012 we hope to see a pick up in the system but right now we are having some contractions,” he said.
“Right now we are having contraction because of the economic situation and as I said that this will be for a while before we can see an ease,” he reiterated. Commenting on the convention the ECCB Governor said that while he is not a member of the Credit Union he has and will continue to lend support and advice in whatever way that he can.
Meanwhile, President of the Caribbean Confederation Credit Unions, Ms Yvonne Ridguard in commenting on the 2010 convention stated that credit unions like banks are financial cooperatives where people can deposit money, obtain loans and get a credit card. The CCCU President pointed out that depositors at credit unions are members adding that they set interest rates.
“We have to understand that because a Credit Union is member driven, the members can determine what kind of business they want which helps to shape and reflect the amount in interest rates and all other policies in the organization,” the CCCU President said.