Fellow Co-operators, Happy International Credit Union Day!!!

Today we join together to celebrate the Credit Union difference and to recognise the contributions that Credit Unions make every day to the lives of their members and communities worldwide.

The Caribbean Credit Union sector comprising over 360 Credit Unions, are a part of the over 49,000 Credit Unions in 97 countries around the world, with over 184 million members celebrating International Credit Union Day.

September 12, 1941, saw the birth of the first Credit Union in the Caribbean, the Clerks Credit Union Ltd. in Jamaica. Since 1948, Credit Unions in the Caribbean and around the world, have come together annually on the third Thursday in October, to commemorate the Movement’s history and achievements.

For over 70 years, the Credit Union Movement within the Caribbean have been providing their members with access to affordable financial services and creating and redistributing wealth across the region. Notwithstanding the unpredictable and often times, harsh economic climate, the sector has achieved significant growth and now boasts US$4.2 billion in assets with over 2.1 million members!!! This growth has caused our respective Governments and peoples to recognise the importance of Credit Unions within the Financial Sector, resulting in new Legislation and/or Regulations throughout the Region.

Collectively, whether our members are rich or poor, from villages or cities, in communities at peace or in conflict, Credit Unions are helping their members every day to create new opportunities for growth and development.

This year, our theme “Credit Unions Build a Better World” celebrates the important economic and social contributions, that Credit Unions make to their communities worldwide.

Credit Unions are very different indeed, both in philosophy and structure to their traditional for-profit financial competitors. Community commitment and positive economic and social change, are just two of the important differences. Credit Unions invest their earnings in helping members meet their financial goals. For more than 150 years, Credit Unions worldwide have proudly put people before profits in order to provide their members with access to affordable financial services.

Credit Unions have consistently carried on the traditions set forth by their founders and exemplify the values of thrift, self-sufficiency and volunteer leadership, democratically elected from amongst their members. These qualities help Credit Unions create a special place for themselves among the world’s financial institutions.

In the spirit of International Credit Union Day, let us look beyond our local community and region, to recognise Credit Unions for the important role they play in many distressed urban and rural areas worldwide. Many persons would not have been able to afford to own homes, start new businesses or attend school without the help of their Credit Union. In some areas of the world, people would not have access to financial services at all, without their Credit Union.

As we look forward to the launch of International Year of Co-operatives 2012 on October 31st, we have much to celebrate on the continued importance of the Credit Union Business Model to the socio economic development of the Caribbean and many other Countries within the world.