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The incident at the Police Co-operative Credit Union Limited has caused concern and anxiety among the population. The St. Kitts Nevis National Co-operative League Limited wishes to provide reassurance to all members and stakeholders of the four credit unions within the Federation that the local Credit Union Movement is strong, your deposits are safe, and your credit unions are financially viable and sound.
We wish to inform and provide reassurance that the aforementioned incident has not impacted financially the savings or reserves of the St. Kitts Co-operative Credit Union Limited, the Nevis Co-operative Credit Union Limited, the Police Co-operative Credit Union Limited or the First Federal Cooperative Credit Union Limited. It is an administrative matter within the Police Co-operative Credit Union Limited that is currently being managed by the Financial Services Regulatory Commission (FSRC) whose role it is to ensure that the credit unions adhere to and comply with all financial laws, regulations, and International best practices while safeguarding the interest of the credit union members and stakeholders.
The League has been proactive and is working diligently with the FSRC and the Board to address the matter.
The FSCR has appointed of an Administrative Supervisor. The duties of the Administrative Supervisor are to manage and provide guidance, which would in turn strengthen the Police Co-operative Credit Union Limited. This is a precautionary and pre-emptive measure.
The League understands the cause for concern, given reports circulating in the local media. However, in an effort of transparency and trust it is now necessary for the League to assure all members and stakeholders that the aforementioned incident has not impacted the savings or reserves of the St. Kitts Co-operative Credit Union Limited, the Nevis Co-operative Credit Union Limited, the Police Co-operative Credit Union Limited or the First Federal Co-operative Credit Union Limited.
The local Credit Union Movement is strong, your deposits are safe, and your local credit unions are financially viable and sound.